The Okinawa Electric Power Company, Incorporated announces an Equity Buyback for 1,750,000 shares, representing 4.05% for ¥6,000 million.
November 28, 2017 at 02:30 am EST
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The Okinawa Electric Power Company, Incorporated (TSE:9511) [Company Name] announces a share repurchase program. Under the program, the company will repurchase 1,750,000 shares, representing 4.05% of the outstanding shares for ¥6,000 million. The purpose of the program is to enhance capital efficiency and to implement a flexible capital policy. The program will run until December 22, 2017. As of October 31, 2017, the company had 43,217,401 shares outstanding and 156,287 shares in treasury.
Okinawa Electric Power Co Inc is a Japan-based company mainly engaged in the electric power business, and construction and other businesses to supplement and support the electric power business or to make effective use of management resources. The Company operates through two business segments. The electric utility segment is engaged in the provision of service to customers in Okinawa Prefecture, combining power generated by the Company with power received from other sources. The electric utility segment is engaged in the provision of power generation, general transmission and distribution, and retail electricity services. The construction business segment is engaged in the provision of civil, building, electrical, plumbing, and telecommunications construction, as well as installation and maintenance of electric power facilities. The Company is also engaged in contract operation of electromechanical equipment and real estate business.