According to Articles of Incorporation Pursuant to Article 459, Paragraph 1 of Companies Act of Japan
Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company’s Board of Directors resolved on April 28, 2023 to repurchase shares of the company’s stock pursuant to the provisions of Article 459, paragraph 1 of the Companies Act, as well as Article 31 of the company’s articles of incorporations, as shown below.
1. Reason for Repurchase of Company Shares
Based on the financial policies of Mitsubishi Electric’s medium-term management plan, the company will repurchase its own stock to primarily enhance shareholder returns, strengthen capital efficiency.
2. Details of Repurchase
(1) |
Type of Shares to Repurchase: |
Common stock |
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(2) |
Number of Shares to Repurchase: |
40,000,000 shares (maximum unit) Ratio of total issued and outstanding shares (excluding treasury stock): 1.89% |
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(3) |
Aggregate Value of Repurchase: |
JPY 50 billion (maximum limit) |
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(4) |
Repurchase Period: |
May 1, 2023-March 29, 2024 |
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(5) |
Repurchase Method: |
Market trades on Tokyo Stock Exchange |
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Note: |
Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors. |
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| (For reference) Status of treasury stock as of March 31, 2023 | ||||||||||
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Total number of shares Issued and outstanding (excluding treasury stock) |
2,111,519,599 shares |
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Number of treasury stock |
35,681,952 shares |
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Note: |
The number of treasury stock includes 1,583,011 shares held through the Board Incentive Plan (BIP) Trust. |
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For the full text, please visit: www.MitsubishiElectric.com/news/
View source version on businesswire.com: https://www.businesswire.com/news/home/20230427006078/en/
Contacts
Investor Relations Inquiries
Corporate IR&SR Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2391
Cad.Irg@rk.MitsubishiElectric.co.jp
Media Inquiries
Sachiko Masuda
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2848
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/
