Sony Announces 100-B.-Yen Share Buyback

Economy

Tokyo, Feb. 8 (Jiji Press)--Sony Corp. <6758> said Friday that it will spend a maximum of 100 billion yen to buy back its own shares, the largest-ever share buyback by the Japanese electronics maker.

The company will buy up to 30 million shares, or 2.36 pct of its total outstanding shares, between Tuesday and March 22.

This is Sony's first share buyback in 15 years and the first-ever aimed at returning profits to shareholders.

Sony's announcement pushed up its share price by 4.09 pct to 4,906 yen from Thursday, when it fell to a 15-month low of 4,713 yen on concerns that the company's chip business will be negatively affected by slowing smartphone demand in China.

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