Makino Milling Opposes Share Buyback Proposal
Makino Milling Machine (TYO:6135) opposed a shareholder proposal from Futanami Securities calling for a share buyback, according to a Thursday filing on the Tokyo Stock Exchange.The proposal sought the repurchase of up to 1% of outstanding shares at 11,751 yen per share via off-auction trading. The company said the request was unclear in structure and, even when interpreted as a general buyback proposal, was not appropriate.Makino said its capital policy prioritises sustained investment in manufacturing, technology development, production systems and global sales networks, alongside shareholder returns through dividends.The company highlighted its medium-term plan, including 71 billion yen in investments through fiscal 2030 and a total payout ratio target of 60% on average.It also pointed to planned dividend increases, including a year-end payout of 270 yen per share for fiscal 2026 and a total of 340 yen per share for fiscal 2027, compared with 180 yen in fiscal 2025.