Suminoe Textile Co., Ltd. announces an Equity Buyback for 500,000 shares, representing 6.63% for ¥1,600 million.
September 10, 2018 at 03:50 am EDT
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Suminoe Textile Co., Ltd. (TSE:3501) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 6.63% of its share capital, for ¥1,600 million. The company will repurchase its shares in order to implement a flexible capital policy which responds to changes in the business environment, and improve shareholder value. The share repurchase program will run until November 9, 2018. As of May 31, 2018, the company had 7,542,794 shares outstanding (excluding treasury shares) and 139,368 shares in treasury.
Suminoe Textile Co., Ltd. is a Japan-based company mainly engaged in the manufacture and sale of interior products, automobile interior materials and functional materials. The Company operates through three business segments. The Interior segment is engaged in the manufacture, sale and decoration of carpets, curtains, wallpaper, various flooring materials, among others. The Automobile and Vehicle Interior segment is engaged in the manufacture and sale of interior materials such as automobiles, buses, railway vehicles and aircraft. The Functional Material segment is engaged in the manufacture and sale of hot carpets and deodorant-related products. In addition, the Company is also engaged in test contracting business.
SUMINOE TEXTILE CO., LTD. 
