TOKYO, Apr 08 (Pulse News Wire) – KYB Corporation (7242.T) announced today that its board of directors, held on April 08, resolved to repurchase all outstanding A-type preferred shares based on Article 10, Paragraph 6 of the company's articles of incorporation. Additionally, the company plans to cancel these shares according to Article 178 of the Companies Act.
The repurchase involves 125 shares, representing 100% of the issued A-type preferred shares. The total cost of the repurchase is ¥12.73 billion. Each share will be purchased at a price of ¥101.9 million, which includes the initial payment amount per share plus accrued dividends calculated from the beginning of the fiscal year until the redemption date.
The repurchased shares will be acquired from eight entities: Mizuho Bank (35 shares), Nippon Development Bank (25 shares), Meiji Yasuda Life Insurance (15 shares), Daiichi Kogyo Trust Bank (10 shares), Shichiseven Bank (10 shares), Damage Insurance Japan Kabushiki Kaisha (10 shares), Fuji Total Lease Kabushiki Kaisha (10 shares), and Mizuho Lease Kabushiki Kaisha (10 shares). The total acquisition cost from these entities is detailed below: | Entity | Number of Shares | Cost | |-----------------------|------------------|------| | Mizuho Bank | 35 | ¥3.565 billion | | Nippon Development Bank | 25 | ¥2.546 billion | | Meiji Yasuda Life Insurance | 15 | ¥1.528 billion | | Daiichi Kogyo Trust Bank | 10 | ¥1.019 billion | | Shichiseven Bank | 10 | ¥1.019 billion | | Damage Insurance Japan Kabushiki Kaisha | 10 | ¥1.019 billion | | Fuji Total Lease Kabushiki Kaisha | 10 | ¥1.019 billion | | Mizuho Lease Kabushiki Kaisha | 10 | ¥1.019 billion | The repurchase is scheduled to take place on June 29, 2026, contingent upon the successful execution of the buyback transaction. Following the repurchase, the company intends to cancel the 125 A-type preferred shares on the same day, marking a significant step towards strengthening its financial foundation.
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