Sony announces first-ever share buyback, stock rises 5 percent

Business

FILE PHOTO – Journalists wait for Sony Corp’s new President and Chief Executive Officer Kenichiro Yoshida’s news conference on the company’s business plan at Sony’s headquarters in Tokyo, Japan May 22, 2018. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) – Sony Corp announced on Friday a share buyback of 100 billion yen ($910 million) – its first ever aimed at boosting shareholder returns – sending the Japanese electronics and entertainment company’s shares up more than 5 percent.

Sony said the buyback, to be conducted through March 22, would be equivalent to 2.36 percent of its outstanding stock.

The announcement comes a day after SoftBank Group Corp’s shares jumped 17 percent after the Japanese tech investment giant unveiled a record share buyback.

Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim

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