Ito-Yokado plans share buyback
TOKYO, Japan (Reuters) -- Japan's Ito-Yokado Co Ltd, Asia's largest retailing group, said on Thursday it would set company rules to enable it to buy back up to 1.9 percent of its outstanding shares.
The rules, which are subject to approval at a shareholders meeting in May, are aimed at boosting flexibility in managing its capital, the retailer said in a statement.
The rules would enable it to buy back up to eight million of its own shares, or an amount worth up to 30 billion yen ($250 million).
For the year to February 28, 2003, Ito-Yokado said consolidated revenues were 3.34 trillion yen, up 5.1 percent from a year earlier. Net profit was 21.02 billion yen, down almost 60 percent from the 2001-02 result. It is forecasting net profit of 51 billion yen for 2003-04.
Ito-Yokado shares are 3.6 percent lower at 3200 yen near the close Thursday
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