Fujifilm Holdings Corp. climbed the most in eight months after saying it will repurchase as much as 100 billion yen ($806 million) of its stock, a record buyback for the company.
Fujifilm gained as much as 6.1 percent, the biggest gain on an intraday basis since November last year, to 4,840 yen in Tokyo today. The stock traded 5.2 percent higher at 4,798.5 yen at 9:44 a.m. in Tokyo today.
The Japanese company will buy as many as 30 million, or about 6.4 percent, of shares outstanding, it said in a statement Thursday. As part of a plan announced last November, Fujifilm said it would offer dividends and buybacks to redistribute over 200 billion yen to its shareholders over three years.
The company had about $6 billion of cash and near cash items as of June, data compiled by Bloomberg show.
As demand for photographic film has plummeted, Fujifilm has pushed for growth through acquisitions and expansion in new areas like health care. Its stock has climbed about 60 percent over the past year.
The buybacks will take place from Aug. 3 this year to March 31, 2016.