Kirin Holdings Co., Japan's second-largest beverage maker by market value, plans to buy back as much as ¥100 billion ($932 million) in stock as it seeks to improve shareholder returns while building up its presence in the Asian beverage market.
The company seeks to repurchase 50 million shares, or 5.5 percent of its shares outstanding, from Feb. 15 to Dec. 28, it said Wednesday in a statement. While the beer and drinks maker forecast a decline in profit for the full year, its guidance for net income of ¥155 billion is far above analyst estimates of ¥98 billion.
Facing a weak market at home, Kirin said it will focus on strengthening revenue from its brewery business and building on growth in Southeast Asia. Kirin is also investing further in craft beer and ready-to-drink beverages, and seeking to expand its pharmaceuticals business.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.