Japan’s Mitsui to double share buyback spending to $2.8 billion

TOKYO (Reuters) – Japanese trading house Mitsui said on Wednesday it decided to double its share buyback spending to up to 400 billion yen ($2.84 billion) to buy and later cancel up to 6% of its shares outstanding.

Mitsui repurchased up to 2.64% of its shares worth up to 200 billion yen between May 2 and Sept. 20 and decided to spend another 200 billion yen to buy more of its stocks until Feb. 28, 2025, it said in the statement.

“In line with the enhancement of stable cash generation, Mitsui plans to continuously increase the dividend,” Mitsui’s statement said.

Mitsui shares were up 0.34% at 0453 GMT, outperforming the Nikkei index which was 1.6% down.

($1 = 140.9500 yen)