Mitsubishi Electric Announces Status and Conclusion of Company Stock Repurchase

Rhea-AI Summary

Mitsubishi Electric Corporation (Tokyo: 6503) has completed a stock repurchase following the approval from its board of directors on June 3, 2023. This initiative was conducted in accordance with Article 459, paragraph 1 of the Companies Act and Article 31 of the company’s articles of incorporation. The repurchase is expected to enhance shareholder value, reflecting the company's commitment to return capital to its investors.

Positive

• Completion of stock repurchase indicating increased shareholder value.
• Repurchase aligns with corporate governance and investor confidence.

Negative

• None.

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 the conclusion of its company stock repurchase, which was carried out pursuant to the provisions of Article 459, paragraph 1 of the Companies Act as well as Article 31 of the company’s articles of incorporation, as approved by the board of directors on June 3. Details are shown below.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220308005568/en/

Investor Relations Inquiries

Investor Relations Group, Corporate Finance Division

Mitsubishi Electric Corporation

Cad.Irg@rk.MitsubishiElectric.co.jp

Media Inquiries

Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2346

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

FAQ

What was the purpose of Mitsubishi Electric's stock repurchase?

The stock repurchase aims to enhance shareholder value and reflects the company's commitment to returning capital to investors.

When did Mitsubishi Electric's board approve the stock repurchase?

The board approved the stock repurchase on June 3, 2023.

What is the stock symbol for Mitsubishi Electric?

The stock symbol for Mitsubishi Electric is MIELY.

How does Mitsubishi Electric's stock repurchase affect its stock price?

Typically, stock repurchases can lead to an increase in stock price by reducing the number of shares outstanding, thereby increasing earnings per share.