REG - Mitsubishi Elect. - Statement re (Repurchase of Company Shares)

Mitsubishi ElectricAnnouncement

03/06/2021 07:40

RNS Number : 6962A
  
Mitsubishi Electric Corporation
  
03 June 2021
  
 

 
 
 



FOR IMMEDIATE RELEASE


No. 3415




 








Investor Relations Inquiries


Media Inquiries








Takumi Yurusa




Investor Relations Group, Corporate Finance Division


Public Relations Division




Mitsubishi Electric Corporation


Mitsubishi Electric Corporation




Tel: +81-3-3218-2391


Tel: +81-3-3218-6758




Cad.Irg@rk.MitsubishiElectric.co.jp


prd.gnews@nk.MitsubishiElectric.co.jp








www.MitsubishiElectric.com/news/



 
Notice Regarding Repurchase of Company Shares 
According to Articles of Incorporation Pursuant to Article 459, Paragraph 1 of Companies Act of Japan
 
TOKYO, June 3, 2021 - Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company's Board of Directors resolved on June 3, 2021 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




(2)   Number of Shares to Repurchase:


40,000,000 shares (maximum unit)
Ratio of total issued and outstanding shares (excluding treasury stock): 1.86%




(3)   Aggregate Value of Repurchase:


JPY 50 billion (maximum limit)




(4)   Repurchase Period:


June 4, 2021-March 31, 2022




(5)   Repurchase Method:


Market trades on Tokyo Stock Exchange



Note: Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors.
 
(For reference) Status of treasury stock as of March 31, 2021



Total number of shares Issued and outstanding
(excluding treasury stock)


2,145,285,413 shares




Number of treasury stock 


1,916,138 shares



Note: The number of treasury stock includes 1,488,717 shares held through the Board Incentive Plan (BIP) Trust.
 
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About Mitsubishi Electric Corporation
With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its "Changes for the Better." The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of \111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

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