Tone Co., Ltd. announces an Equity Buyback for 160,000 shares, representing 7.72% for ¥406.72 million.
June 10, 2019 at 03:30 am
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Tone Co., Ltd. (TSE:5967) announces a share repurchase program. Under the program, the company will repurchase up to 160,000 shares, representing 7.72% of its share capital, at ¥2,542 per share for ¥406.72 million. The company will repurchase its shares in order to avoid the impact of the termination of its capital and business alliance with Makita Corporation (TSE:6586) on the supply and demand in the stock market; and from the viewpoint of improving capital efficiency. As of May 31, 2019, the company had 2,073,715 shares outstanding (excluding treasury shares) and 268,885 shares in treasury.
TONE CO., LTD. is a Japan-based company principally engaged in the manufacture and sale of work tools and equipment. The Company primarily provides work tools, torque management equipment and bolt fastening equipment, and sells them both domestically and overseas. The Company operates in three business segments, including East Japan, West Japan and Overseas. Each segment sells work tools, torque management equipment and bolt fastening equipment.
TONE CO., LTD. 
