(April 27): Hitachi Ltd said it will buy back up to 3.56% of its outstanding stock for as much as ¥500 billion (US$3.1 billion or $4 billion), the latest Japanese company to announce measures to beef up shareholder returns.
The Tokyo-based industrial electronics maker, whose shares are up less than 10% since the start of this year, said the buyback will begin on April 28 and end on March 31 next year.
Hitachi was early among Japan’s sprawling industrial conglomerates to hive off non-core operations. It forecast a net income of ¥850 billion for the fiscal year started in April, missing expectations, amid fears of impact from prolonged conflict in the Middle East.
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