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Tokai Tokyo Financial to repurchase up to 5 million shares

Tokai Tokyo Financial Holdings Inc. plans to repurchase up to 5 million shares for an aggregate amount of ¥3.5 billion.

The repurchase period will run from Nov. 1 to March 30, 2018, the company said Oct. 27.

The company will also retire 10 million common shares, or 3.65% of its total issued shares, on Nov. 10.

Tokai Tokyo said the repurchase and share retirement will allow it to increase shareholder returns and improve capital efficiency.

As of Oct. 27, US$1 was equivalent to ¥113.91.