Millea's board of directors approved a buyback of a maximum of 47,000 shares at a maximum aggregate cost of 90 billion yen ($775m) during the period between June 29th and September 8th.
Millea was given a target share price upgrade from 2.15 million yen to 2.20 million yen yesterday by Deutsche Bank Securities Japan as part of DB's upgrade of share prices for six firms in the (non-life) insurance industry. All six firms were maintained at a "hold" rating but Millea was chosen as DB's top pick with the most upside.
Millea's shares closed before the announcement down 0.48% at 2.06 million yen ($17,706). At a 200:1 ADR listing ratio this close price equals $88.53. Millea's ADRs closed yesterday down 1.6% at $87.07.
Click here to read about Millea's planned stock split.
Millea Holdings Inc (MLEA) 1-year chart:
