TOKYO, Feb 5 (Reuters) - Japan Tobacco said on Thursday it will buy back shares worth up to 100 billion yen ($853.5 million) but that its board was opposed to an investor call for bigger shareholder returns.
The company said its board of directors is opposed to two proposals made by the Children’s Investment Fund - a year-end dividend of 150 yen and a share buyback worth 150 billion yen.
The former state monopoly said its share buyback will be worth 1.98 percent of its outstanding shares, to be conducted between Feb. 9 and June 9.
The company said in a statement the share buyback is designed to help improve earnings per share as part of shareholder returns.
$1 = 117.1700 yen Reporting by Taiga Uranaka; Editing by Edwina Gibbs