Techno Ryowa Ltd. (TSE:1965) announces a share repurchase program. Under the program, the company will repurchase 450,000 shares, representing 2% of the outstanding shares, at ¥901 per share for ¥405.45 million. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment, enhance capital efficiency and improve shareholder returns. As of January 31, 2019, the company had 22,503,268 shares outstanding and 385,336 shares in treasury.