TOKYO, Jun 10 (Pulse News Wire) – Asakuma CO.,LTD. (7678.T) announced today that its board of directors approved a share buyback program based on Article 459, Paragraph 1 of the Companies Act and Article 39 of its articles of incorporation.
The company plans to execute the buyback through the ToSTNeT-3 system on June 11 at 8:45 AM. The buyback aims to enhance capital efficiency and support flexible capital policies for employee and executive incentive programs. It involves purchasing up to 67,000 shares (representing 1.26% of outstanding shares excluding treasury stock) for a total amount of up to ¥500 million. The purchase price per share will be determined based on the closing price on June 10, which was ¥6,610. The buyback will be conducted exclusively via the ToSTNeT-3 system during the designated trading time on June 11. Following the completion of the trading session, the results will be disclosed publicly.
Additionally, Asakuma received notice from its parent company, Tempo Holdings Co., Ltd., indicating their intention to sell some of their holdings in Asakuma. The transaction will involve Tempo Holdings as the seller, making it a related-party transaction. The company adhered to its Corporate Governance report released on April 23, ensuring fair treatment and protection of minority shareholders. Independent directors confirmed the fairness and necessity of the transaction, and the board unanimously agreed to proceed with the buyback plan. The company's independent directors, including Hiromichi Hirata, Katsuyoshi Fujita, Kazuyuki Kitami, and Takuro Takeo, reviewed the proposal and concluded that the buyback would benefit the company’s overall value without disadvantaging minority shareholders. They noted the transparency and fairness of the ToSTNeT-3 system used for the transaction.
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