Ajinomoto Co. Inc. plans to buy back up to 2.5 million, or 4.39%, of its total shares outstanding for a maximum consideration of ¥40 billion, the Japanese packaged-food producer disclosed May 10 in its medium-term management plan for 2020.

The company said it will repurchase the shares through the Tokyo Stock Exchange from May 11 to Sept. 20.

Ajinomoto also provided guidance for the fiscal year ending March 31, 2019, forecasting net income of ¥61.0 billion and EPS of ¥110.09. The S&P Capital IQ consensus estimates for full year fiscal 2019 are for net income of ¥61.96 billion and EPS of ¥110.67.

In addition, the company said it plans to declare a dividend of ¥32 for the fiscal year ended March 31 as well as for fiscal 2019.

As of May 9, US$1 was equivalent to ¥109.74.