Universal Ent presses on with share buy-backs
Japanese gaming conglomerate Universal Entertainment Corp says it bought back more of its shares in June as it continues a programme designed to please its investors.
Universal Entertainment told the Jasdaq on Monday that it had bought back 75,000 shares of common stock for almost JPY248.54 million (about US$2.29 million) between June 5 and June 30.
The company noted that its board had authorised on June 4 the buying back of up to 300,000 shares of common stock between June 5 and July 31 – or 0.38 percent of those outstanding – to a maximum cash value of JPY1 billion.
Universal Entertainment has been in dispute with its founder and former chairman, Japanese gaming magnate Kazuo Okada, who is trying to regain control of the company.
Universal Entertainment is the parent company of Tiger Resort, Leisure and Entertainment Inc, which promotes the Okada Manila casino resort in the Philippines.
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