Universal Entertainment Corp says it will be spending up to JPY2 billion (US$17.8 million) to acquire the company’s common stock and converting it to treasury stock.
In a filing to JASDAQ, the company said it will acquire up to 600,000 shares of common stock between October 15 to December 28, 2018.
Universal said the acquisition of Treasury Stock will enable the execution of flexible capital policies that will ultimately return profits to its shareholders.
Going forward, Universal says it will look to enact further measures aimed at returning profits to shareholders. It also said it will continue to acquire treasury stock as it sees fit.