Japanese food maker Nissin Foods Holding Co has announced a programme to buyback upto 4m of its outstanding shares, or 3.36% of the company’s float.

The decision follows US hedge fund Steel Partners move to reduce its stake in the company and comes as activist investment funds scale back their Japanese holdings.

The company said that it would invest JPY11.8bn in the share buyback scheme. The buyback will commence tomorrow and end on 12 June.