15:33 - 23.07.2024

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July 23, Fineko/abc.az. Toyota Motor Corp. It intends to buy back its own shares worth more than $5 billion from Japanese banks and insurance companies as part of a plan to reduce cross-ownership of shares.

The automaker said on Tuesday it would put up an offer to buy 806.8 billion yens ($5.14 billion) worth of securities at price of 2,781 yens per share, which is 10% lower than their value at the market close on Monday.

Toyota plans to buy back 290.1 million shares from Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, MS&AD Insurance Group Holdings and Tokio Marine Holdings.

The company also plans to sell its shares in these four financial companies.

In May, Toyota announced its intention to buy back its own shares worth up to 1 trillion by the end of April 2025.