Toyota plans to buy back US$3.5 billion of its shares
March 27, 2014, 12:01 am TWN
TOKYO--Toyota is to buy back as much as 1.89 percent of its shares for 360 billion yen (US$3.5 billion), raiding a growing corporate cash chest for the first time in five years, the Japanese carmaker said Wednesday.
The world's largest automaker said it will purchase up to 60 million shares over a 10-month period following the next shareholders' meeting in June.
It will cancel half of them, to avoid sparking fears of dilution in future share sales, the company said in a statement.