Sumitomo Corp announces share buyback, treasury stock cancellation, asset shift

** Sumitomo Corporation (TSE: 8053) today announced a series of strategic financial moves, including a share repurchase program, treasury stock cancellation, and a partial divestment of its stake in Van Phong Power Company Limited (VPCL), a specified subsidiary. The board approved a repurchase of up to 35 million shares, or approximately 2.9% of outstanding shares excluding treasury stock, for a maximum of JPY 80 billion between May 2, 2025, and March 31, 2026. The company will also cancel all repurchased shares, excluding one million to be allocated as stock compensation.