-

Notice Regarding Repurchase of Company Shares

According to Articles of Incorporation Pursuant to Article 459, Paragraph 1 of Companies Act of Japan

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that the company’s Board of Directors resolved on August 29, 2024 to repurchase shares of the company’s stock pursuant to the provisions of Article 459, paragraph 1 of the Companies Act, as well as Article 31 of the company’s articles of incorporations, as shown below.

1. Reason for Repurchase of Company Shares

Based on the financial policies of Mitsubishi Electric’s medium-term management plan, the company will repurchase its own stock to primarily enhance shareholder returns, strengthen capital efficiency.

2. Details of Repurchase

(1) Type of Shares to Repurchase:

Common stock

(2) Number of Shares to Repurchase:

20,000,000 shares (maximum unit)
0.96% of issued and outstanding shares (excluding treasury stock)

(3) Aggregate Value of Repurchase:

JPY 30 billion (maximum limit)

(4) Repurchase Period:

August 30, 2024-October 31, 2024

(5) Repurchase Method:

Market trades on Tokyo Stock Exchange

Note: Part or all of the above-mentioned repurchases might not be performed depending on market conditions and other factors.

(For reference) Status of treasury stock as of July 31, 2024

Total number of shares Issued and outstanding
(excluding treasury stock)

2,088,228,171 shares

Number of treasury stock

24,973,380 shares

Note: The number of treasury stock includes 1,970,772 shares held through the Board Incentive Plan (BIP) Trust.

For the full text, please visit: www.MitsubishiElectric.com/news/

Contacts

Investor Relations Inquiries
Corporate IR&SR Division
Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp

Media Inquiries
Madoka Iwanaga
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2332
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

Mitsubishi Electric Corporation

TOKYO:6503

Release Versions

Contacts

Investor Relations Inquiries
Corporate IR&SR Division
Mitsubishi Electric Corporation
Cad.Irg@rk.MitsubishiElectric.co.jp

Media Inquiries
Madoka Iwanaga
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2332
prd.gnews@nk.MitsubishiElectric.co.jp
www.MitsubishiElectric.com/news/

More News From Mitsubishi Electric Corporation

Mitsubishi Electric Invests in AI Startup Sakana AI

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has invested in Sakana AI Inc., a Japan-based AI startup that develops next‑generation AI-foundation models. Through this collaboration, Mitsubishi Electric aims to create new solutions and expand businesses related to its SerendieTM digital platform by leveraging Sakana AI’s expertise in using AI to optimize complex, tacit‑knowledge‑rich, highly challenging business operations. Due to rapid advances i...

Mitsubishi Electric Develops Edge Digital Twin Technology for Real-time Compensation of Errors in CNC Machine Tools

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that in collaboration with RWTH Aachen University in Germany, it has developed a technology that uses a digital twin to correct machine-tool errors in real time on machine tools equipped with computer numerical control (CNC1). Tests showed that the technology can reduce errors caused by slight deformation of machined parts due to the force of a cutting tool by up to 50%.2 This results in fewer mistakes during...

Mitsubishi Electric to Supply Elevators, Escalators, Air Conditioners and Hand Dryers for “Two Sudirman Jakarta” Complex in Indonesia

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that two of its Indonesian subsidiaries have secured a major order to supply 66 elevators, 30 escalators, 404 air-conditioning units and 38 hand dryers for Two Sudirman Jakarta, a huge mixed-use urban space scheduled to open in the heart of Jakarta in end of 2028. PT Mitsubishi Jaya Elevator and Escalator manufactures, sells, installs and services elevators and escalators, and PT Mitsubishi Electric Indonesia...
Back to Newsroom