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An announcement from Sumitomo Riko Company Limited ( (JP:5191) ) is now available.
Sumitomo Riko Company Limited has announced that it will not hold a previously anticipated extraordinary shareholders meeting and has cancelled the related record date. This change follows the successful tender offer by its controlling shareholder, Sumitomo Electric Industries, whose combined holdings with its wholly owned subsidiaries have reached at least 90% of Sumitomo Riko’s voting rights. As a result, instead of pursuing a share consolidation and related amendments via an extraordinary meeting, Sumitomo Electric has issued a demand for a share cash-out under the Companies Act, which Sumitomo Riko’s board has approved, streamlining the path toward further ownership consolidation and simplifying the company’s shareholder structure.
The most recent analyst rating on (JP:5191) stock is a Buy with a Yen2968.00 price target. To see the full list of analyst forecasts on Sumitomo Riko Company Limited stock, see the JP:5191 Stock Forecast page.
More about Sumitomo Riko Company Limited
Sumitomo Riko Company Limited is a Japan-based manufacturer listed on the TSE Prime and NSE Premier markets, operating primarily in the industrial and automotive sectors as part of the Sumitomo group. The company produces rubber and resin-based products and related components, supplying mainly to automotive and industrial equipment markets where stable governance and shareholder structures are important for long-term business planning.
Average Trading Volume: 388,488
Technical Sentiment Signal: Buy
Current Market Cap: Yen268.5B
For an in-depth examination of 5191 stock, go to TipRanks’ Overview page.