Financial Wire

Seven & i Proposes 350 Billion Yen Capital Reduction

-- Seven & i Holdings (TYO:3382) will seek shareholder approval to cut 350 billion yen from additional paid-in capital and amend its articles to allow virtual-only shareholder meetings, according to a Thursday filing on the Tokyo Stock Exchange.

The capital reduction will be transferred to other capital surplus to increase distributable earnings and enhance capital flexibility.

The proposal will be put to a vote at the annual shareholder meeting on May 27, with the capital change set to take effect in July.

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