Investing
Toyota to sell entire stake in Japan’s Harmonic Drive Systems -filing
© Reuters. The Toyota logo is seen at its booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo
TOKYO (Reuters) – Harmonic (NASDAQ:) Drive Systems, a Japanese maker of speed reducers, said on Wednesday that Toyota Motor (NYSE:) would sell its entire stake of 4,379,400 shares in it in the open market overseas.
The sale price is undecided, it said in a regulatory filing.
Harmonic Drive Systems said it would buy back up to 700,000 of its own shares, worth up to 0.73% of its outstanding stock, to reduce the impact of the sale on its shareholders.
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