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May 25, 2006

JAPAN: Seven cancels outstanding shares

Japanese retail operator Seven & I Holdings has announced it will cancel 31.75%, or 427.5m, of its own shares outstanding.

Japanese retail operator Seven & I Holdings has announced it will cancel 31.75%, or 427.5m, of its own shares outstanding.

The measures have been taken to return profits to investors and means 937.2m shares will remain open when the transaction clears in July.

In addition, the company is planning to issue 30.6m shares for stock-for-stock in exchange for shares of regional chain York-Benimaru.

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