Dynam to repurchase up to 10 percent of issued shares

Pachinko operator Dynam Japan Holdings Ltd has announced it plans to repurchase up to 10 percent of its issued shares on the stock market.

In a filing to the Hong Kong Stock Exchange on Friday, the company said it plans to repurchase up to 76.6 million shares at a cost of HK$600 million (US$75 million).

“The Board believes that implementing the proposed share repurchase as a part of the company’s measures to increase return to the Shareholders would create benefits to the Shareholders,” the company said in the filing.

The period for the proposed share repurchase is from June 24, 2016 to the close of the next AGM, the company added.

“The Company’s strong financial position will enable it to conduct the Proposed Share Repurchase with its own resources while maintaining sufficient financial resources for the continued growth of the Company’s operations.”