Sony announces share buyback plans
Japanese electronics manufacturer Sony has announced that it will be repurchasing a maximum of 30mn shares between 12 February 2019 and 22 March 2019
In its statement announcing the buyback scheme, Sony said the decision was made to reflect the firm’s stance regarding maximisation of corporate value and rewarding its shareholders.
Sony added that its financial position and the price of its common stock were also factors in the decision.
The firm set the maximum limit for its total repurchase price as ¥100bn (around US$910mn).
- Read the latest issue of Business Chief Asia here
- SoftBank Group announces $5.5bn share buyback scheme, shares jump
- Top 10 - Asia Pacific's most influential brands
Last quarter, Sony enjoyed its strongest-ever quarterly profits with figures significantly buoyed by its US$2.3bn acquisition of EMI which ranks it as the world’s biggest music publisher, according to CNBC.
Many expect Sony to announce the follow-up to its wildly successful PlayStation 4 console sometime this year, with a potential launch in 2020, as sales begin to reach a saturation point and rival Microsoft reportedly plans to release its own new console during a similar timeframe.
"The gaming business, which has been Sony's profit driver in the last couple of years, is set to peak out ahead of the launch of the next gaming console," CNBC reported Ace Securities analyst Hideki Yasuda as saying. "That's inevitable due to product cycle."
- Sony, Infosys among world’s most ethical firms – EthisphereSustainability
- Honda, Sony partner in race to electric vehicle dominanceTechnology
- Sony's PS5 set for holiday 2020 releaseTechnology
- NetEase invests in Canada’s largest independent game developer, Behaviour InteractiveLeadership & Strategy