Honda suspends share buybacks temporarily to preserve funds

Article by Christian Andrei, on May 31, 2011

Honda Motor Co. is temporarily suspending its share buybacks in order to preserve its funds after the March 11 earthquake and tsunami in Japan.

The company disclosed that it is targeting an annual shareholder return of approximately 30 percent, and its planned dividend of 54 yen per share as well as share buybacks made in 2010 would bring this return to slightly more than 20 percent for the year ended in March.

The company had been expected to carry out additional share repurchases in order to hit its target.

However, the company has decided to halt this plan because of the need for cash in order to repair facilities that have been damaged by the March disaster, a company spokeswoman disclosed.

On another note, the company stated on Friday that the personal information of at least 283,000 customers at Honda Canada has been breached recently.

The Canadian company disclosed that the stolen data included names and addresses as well as vehicle identification numbers. Furthermore, some of these include financing account numbers.

The company said that these data aren’t those that would be typically utilized for fraud or identity theft. These were the information collected in 2009 for a series of customer mail programs that invite Acura and Honda owners to sign up at the myAcura and myHonda websites.

Topics: honda

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Volkswagen Group’s dieselgate saga continues, but it appears the German company would be able to get out of trouble, but it would not be unscathed. This development comes as Volkswagen...
by - January 22, 2017
When a car has been in the market for nearly six years, it loses some of its luster and its customers tend to go for the all-new model with a...
by - January 22, 2017
Remember Zenos Cars, a British carmaker that specializes in designing and building lightweight and high-performance sports cars? If you are wondering how the company is faring with their E10 lightweight...
by - January 21, 2017
Mercedes-Benz has revealed that in 2017, its series 124 coupé will be celebrating its 30th anniversary. While this itself is a significant event, it will also mean that this model...
by - January 21, 2017
BMW’s 550i xDrive has long been considered as one of the most successful business sedans in the world. For the brand, this may not be enough as it has officially...
by - January 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries