Oi Electric shares jumped on August 19 after the communications equipment manufacturer unveiled a large share buyback amounting to as much as 175,000 shares, or 13.08% of outstanding stock, with a maximum value of ¥866.25 million. The company said the repurchase was aimed at improving capital efficiency, boosting shareholder returns and allowing more flexible capital policy. It later said it completed the buyback the same morning, acquiring 173,800 shares for ¥860.31 million through ToSTNeT-3 (Tokyo Stock Exchange off-hours buyback system) at ¥4,950 per share, matching the August 18 closing price. The transaction is expected to involve shares held by Mitsubishi Electric, Oi Electric's largest shareholder, raising the prospect of a material shift in the company's major shareholder lineup. Investors treated the scale of the repurchase as supportive for supply-demand conditions in the stock, while the pricing at the prior day's close also helped underpin sentiment. Market attention is now turning to whether Mitsubishi Electric sells part or all of its stake and how the capital relationship between the two companies may evolve.