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Leopalace21 names new director, announces ¥8B repurchase program

Yoshikazu Miike will retire as a director and managing executive officer of Leopalace21 Corp. at the general meeting of the company's shareholders June 28.

The Japan-based real estate company also announced the election and appointment of Ito Hiromi as a director and managing executive officer.

Miike will remain executive chairman of the Life Living Co. Ltd. unit of the company.

The board of Leopalace21 also authorized a share repurchase program of up to 8.3 million shares of its common stock for about ¥8.00 billion.

The shares to be repurchased represent about 3.28% of the total outstanding float of the company, and will be purchased from May 14 to March 29, 2019.

In addition, the company provided forecasts for the six months ending Sept. 30 and for the fiscal year ending March 31, 2019.

Leopalace projects its net income per share at ¥28.56 for the period ending Sept. 30 and ¥59.50 for the year ending March 31, 2019.

As of May 10, US$1 was equivalent to ¥109.58.