JAPAN - Japanese meat processor Iotham Foods is to buy back a number of its own shares in a bid to ease the market position.
The Board of Directors of Itoham Foods took the decision last week to acquire the company’s own shares to improve capital efficiency by executing a flexible capital policy in response to changes in the operating environment.
The shares will be part of the company’s common stock and the Iotham board said it will be buying up to 10,000,000 shares.
This represents 4.6 per cent of total number of shares issued, excluding treasury
The total value of the share acquisition will be up to ¥6,000 million.
The acquisition will take place between 1 September 2014 and 31 March 2015.
TheMeatSite News Desk