ORIX Corporation (TSE: 8591; NYSE: IX), a diversified financial services group, has disclosed the current status of its ongoing share repurchase program. The Tokyo-based company, which operates in sectors including leasing, life insurance, and investment banking, reported the repurchase of 1,669,900 common shares for a total of JPY 5,726,510,600. This buyback activity took place from June 1, 2024, to June 30, 2024, as part of a broader repurchase plan authorized by the company's Board of Directors on May 8, 2024.
The repurchase initiative, which is set to continue until March 31, 2025, aims to acquire up to 40 million shares, representing approximately 3.5% of the total outstanding shares (excluding treasury shares), with an upper limit of 50 billion yen in total purchase price. As of June 30, 2024, the cumulative number of shares bought back under this resolution reached 3,138,100 shares, amounting to JPY 10,671,663,600.
ORIX's repurchase strategy involves market purchases based on a discretionary dealing contract. This approach allows the company to buy back its shares in the open market, reflecting its commitment to return value to its shareholders and optimize its capital structure.
The announcement from ORIX comes as part of its regular communication with investors and stakeholders, underscoring the company's transparency in financial dealings. The news is based on a recent filing with the Securities and Exchange Commission.
ORIX Corporation has been expanding its global presence since 1971 and currently operates in around 30 countries with a workforce of approximately 34,000. The group's purpose, "Finding Paths. Making Impact.", highlights its dedication to contributing to sustainable development through its diverse business operations.
Investors and interested parties are reminded that forward-looking statements regarding future events and financial outcomes are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.
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