NTT to Buy Back $1.3 Billion in Shares to Raise Investor Returnsby
Nippon Telegraph & Telephone Corp., Japan’s former telephone monopoly, plans to buy back as much as 150 billion yen ($1.3 billion) in stock to enhance shareholder returns.
The carrier will repurchase as many as 33 million shares, or 1.62 percent of shares outstanding, from Dec. 13 until June 30, it said Monday in a statement. NTT on June 14 said it had completed a buyback of 267 billion yen of its shares.
The parent of NTT Docomo Inc., the country’s biggest wireless provider, on Nov. 11 raised its net income forecast to a record 770 billion yen the year ending March 2017. The companies shares are down 2.7 percent this year, compared with a 0.6 percent gain for the Nikkei 225 Stock Average.