Enhanced Investments - Financial Portal

Notice Regarding Repurchase of Company Shares

Published: 2024-08-29 06:45:00 ET

According to Articles of Incorporation Pursuant to Article 459, Paragraph 1 of Companies Act of Japan

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company’s Board of Directors resolved on August 29, 2024 to repurchase shares of the company’s stock pursuant to the provisions of Article 459, paragraph 1 of the Companies Act, as well as Article 31 of the company’s articles of incorporations, as shown below.

1. Reason for Repurchase of Company Shares

Based on the financial policies of Mitsubishi Electric’s medium-term management plan, the company will repurchase its own stock to primarily enhance shareholder returns, strengthen capital efficiency.

2. Details of Repurchase

(1) Type of Shares to Repurchase:		Common stock
(2) Number of Shares to Repurchase:		20,000,000 shares (maximum unit) 0.96% of issued and outstanding shares (excluding treasury stock)
(3) Aggregate Value of Repurchase:		JPY 30 billion (maximum limit)
(4) Repurchase Period:		August 30, 2024-October 31, 2024
(5) Repurchase Method:		Market trades on Tokyo Stock Exchange

Note: Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors.

(For reference) Status of treasury stock as of July 31, 2024
Total number of shares Issued and outstanding (excluding treasury stock)		2,088,228,171 shares
Number of treasury stock		24,973,380 shares

Note: The number of treasury stock includes 1,970,772 shares held through the Board Incentive Plan (BIP) Trust.

For the full text, please visit: www.MitsubishiElectric.com/news/

View source version on businesswire.com: https://www.businesswire.com/news/home/20240828927925/en/

Investor Relations Inquiries Corporate IR&SR Division Mitsubishi Electric CorporationCad.Irg@rk.MitsubishiElectric.co.jp

Media Inquiries Madoka Iwanaga Public Relations Division Mitsubishi Electric Corporation Tel: +81-3-3218-2332 prd.gnews@nk.MitsubishiElectric.co.jp www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.