Japanese online trading expert Monex Group, Inc. (TYO:8698) today unveiled plans for a share buyback, as per a decision of the group’s Board of Directors.
Monex attributes the plans to its shareholder return policy, which envisages a target of a 75% total return ratio on a multi-year basis. On top this, the company’s management is considering a future growth strategy.
Monex plans to acquire up to 5,000,000 shares (common stock), which represent 1.7% of all of the shares outstanding in the company. The period of acquisition is from July 10, 2015 to August 7, 2015.
If the broker indeed purchases the full amount of 5 million shares, this may cost them approximately $12.8 million. This estimate is based on today’s price of JPY 311 per Monex’s share at market close.
Chart source: Google Finance.
To view the official announcement by Monex, click here.