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

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