Onoken Co., Ltd. announces an Equity Buyback for 800,000 shares, representing 3.66% for ¥1,000 million.
January 16, 2020 at 07:00 am
Share
Onoken Co., Ltd. (TSE:7414) announces a share repurchase program. Under the program, the company will repurchase 800,000 shares, representing 3.66% of its share capital, for ¥1,000 million. The company will repurchase its shares in order to mitigate the short-term impact on the supply and demand of its shares resulting from the issuance of yen-denominated convertible bonds with warrants maturing in 2025, facilitate smooth financing, improve capital efficiency, and enhance shareholder returns. The program will run until February 28, 2020. As of December 31, 2019, the company had 21,859,211 shares outstanding (excluding treasury shares) and 501 shares in treasury.
ONOKEN CO., LTD. is principally involved in the sale of steel products. The Company sells a variety of steel products, such as steel plates, steel shapes and steel bars, as well as construction materials and machinery through its subsidiaries located in Kyushu and Chugoku area, Kansai and Chukyo area, as well as Kanto and Tohoku area. The Company is also engaged in the operation of contracted construction business.