Nippon Chemiphar Co., Ltd. (TSE:4539) announces a share repurchase program. Under the program, the company will repurchase 200,000 shares, representing 5.19% of the outstanding shares, at ¥5,190 per share for ¥1,038 million. The purpose of the program is to improve capital efficiency and shareholder returns. As of July 31, 2017, the company had 3,856,749 shares outstanding and 404,671 shares in treasury.