Nippon Chemiphar Co., Ltd. (TSE:4539) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 2.53% of its outstanding shares for ¥500 million. The purpose of the program is to improve capital efficiency and shareholder returns. The program will continue until March 31, 2017. As of September 20, 2016, the company had 39,492,657 shares outstanding and 3,121,548 shares in treasury. On October 1, 2016, the company carried out a share merger to merge 10 shares into 1 share.