(Bloomberg) -- Japanese trading firm Mitsui & Co. said it will double its share buyback plan to boost shareholder returns and improve capital efficiency.
The buyback plan will be boosted to up to 400 billion yen ($2.8 billion), the firm said in a statement. The buyback period will be extended to Feb. 28, from an earlier expiry date of Sept. 20. The company plans to cancel all shares it bought back on March 5.
Mitsui shares reversed declines after the announcement and gained as much as 4.7%, the most since Aug. 16.
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