Toyota to use part of $3.5B buyback to benefit charitable foundation

|About: Toyota Motor Corporation (TM)|By:, SA News Editor

Toyota (TM) intends to spend ¥360B ($3.5B) on repurchasing up to 60M shares, or 1.89% of the total.

The car-maker will then use half the shares to benefit a charity foundation that it's establishing by selling the stock to Japan Trustee Services Bank for a token sum of ¥1 each. Dividends will be used to finance the foundation.

Toyota will also cancel the other 30M shares.