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| Apr 27, 2004 |
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DENSO announces stock purchase proposal
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In accordance with the provisions of Article 210 of Japanfs Commercial Code
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Tokyo - DENSO Corporation (the “Company”) announced that its board of directors agreed to present to shareholders a stock repurchase proposal (in accordance with Article 210 of Japan’s Commercial Code). This proposal will be presented on June 24, at the 81st Annual General Meeting of Shareholders.
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1. Purpose of the stock purchase
The Company will purchase its stock after obtaining approval from the shareholders in accordance with Article 210 of Japan’s Commercial Code. The purchase of the stock will improve capital efficiency, and increase returns to shareholders. Also, the shareholder approval will enable the Company to adopt timely and flexible capital policy measures in response to changes in the business environment.
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2. Information on the shares to be purchased by the Company
(1) Type of shares to be purchased: Common stock
(2) Total number of shares to be purchased: Up to 10,000,000 shares
(1.2 percent of total outstanding shares)
(3) Total cost of the purchase: Up to 25 billion yen
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Note:
Following shareholder approval at the 81st Annual General Meeting of Shareholders on June 24, 2004, the Company will be authorized to purchase its stock until the completion of the 82nd Annual General Meeting of Shareholders.
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DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global supplier of advanced technology, systems and components. Its customers include all the world’s major carmakers. Worldwide, the company employs 95,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2004 totaled US$24.2 billion. DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges. For more information, go to www.globaldenso.com
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IMPORTANT NOTICE:
DENSO Corporation posted the press release on this Website, aiming to facilitate timely disclosure of information to its customers, stockholders, investors etc. If you view the information, you may be deemed to be the "First Recipient of Insider Information" within the meaning of the Japanese Securities and Exchange Law and regulations ("Laws"). Then, you will be prohibited from trading the Company's issued securities including stocks and convertible bonds until the stock exchanges disclose the information on their website or 11 p.m., April 27, 2004 (Japan Time), which is 12 hours after the information is disclosed to media. Any person who violates such prohibition is subject to punishment under the Laws.
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