Sony Corp has filed a new Form 6-K outlining the progress for its annual share repurchase plan worth $1.8 billion.
Sony's board of directors recently approved a buyback of up to 25 million common stock in an effort to help bolster stock value and boost shareholder returns. Sony plans to spend 200 billion yen ($1.8 billion) on stock throughout its Fiscal Year 2021 timeline (April 2021-2022). This marks the second and major repurchase program since 2019, and a recent filing shows the current status of the initiative.
The tech giant repurchased 722,800 common stock in June 2021 for 7.4 billion yen ($66.8 million), which comprises less than 3% of the total share repurchases. Sony currently has a total of 1.28 billion shares issued in both common and treasury stocks.
FY21's share buyback is included in the company's three-year spending plan. The company will spend up to $18 billion on strategic investments across the next three years, which includes acquisitions, technology advancements, and share repurchases.
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