Heiwa Paper Co.,Ltd. (TSE:9929) a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 2.03% of its share capital, at ¥420 per share for ¥84 million in total. The company is repurchasing its shares through the Tokyo Stock Exchange off-floor treasury share trading (ToSTNeT-3). The company will repurchase its shares for shareholder returns, and in order to enable the implementation of a flexible capital policy which responds to changes in the business environment. As of May 11, 2017, the company had 9,862,818 shares outstanding (excluding treasury shares) and 254,099 shares in treasury.