Nifco (TYO:7988) said it will launch a 40 billion yen buyback to repurchase up to 8.3 million common shares, or 8.88% of its issued shares excluding treasury stock, according to a Tokyo Stock Exchange filing on Monday.
The Japan-based manufacturer said that the buyback, to be conducted between Sept. 1 and Sept. 18, will be conducted through the Tokyo Stock Exchange's ToSTNeT-3 off-auction system and market purchases under a discretionary investment agreement.
The buyback is aimed at enhancing shareholder returns and improving capital efficiency, with the repurchased shares currently intended to be cancelled.
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