Japanese fastfood chain McDonald’s Japan has announced it is to seek shareholder approval to buy back up to 1.5% of its own common shares for up to ¥10bn (US$84.8m).

The buyback is expected to boost the per-share value of the company’s shares, which have fallen 65% since reaching a high of ¥5,080 after the initial public offering in July 2001, reported Reuters.

The chain said it hoped to boost its options for managing its capital through the buyback of up to two million shares.

The buyback is subject to approval by shareholders at a meeting on 28 March.