Kawasaki Kisen to cancel 36m shares

Kawasaki Kisen Kaisha (K Line) announced today that its board of directors has resolved to cancel 36 million shares of its common stock. This cancellation, representing approximately 5.33% of the total outstanding shares before the cancellation, is scheduled for March 10, 2025. The shares being cancelled are part of an ongoing buyback program, with the cancellation contingent on the company acquiring the full 36 million shares authorized under the program. As of February 26, 2025, K Line had acquired 35,593,400 shares at a total cost of ¥74,371,709,208, achieving 98.87% of the maximum share amount and 82.63% of the maximum purchase amount. Post-cancellation, the total number of outstanding shares will be 639,172,067. The buyback program, authorized on November 5, 2024, allows for share repurchases via ToSTNeT-3 and market purchases until February 28, 2025, with the intention of canceling the acquired shares.