Nippon Beet Sugar Manufacturing is lining up a new name, a large payout and shorter director terms in one shareholder-approved package.
At its annual meeting on June 26, shareholders approved changing the company's name from Nippon Beet Sugar Manufacturing Co., Ltd. to Nitten, effective October 1. They also approved a 160 yen year-end dividend per share, made up of an 80 yen ordinary dividend and an 80 yen special dividend, for a total payout of about ¥1.93bn.
Management says the rename is meant to reflect broader operations. The company says it has used know-how and technology developed in sugar manufacturing to expand across food, feed and agricultural materials, and that the new name marks a move from the traditional beet sugar business to a broader, sustainable beet-based industry under its second medium-term plan.
Shareholders also approved shortening directors' terms to one year from two years. The company says that should make management responsibility clearer and help it respond more quickly to changes in the business environment. The visible switch comes later: the new name does not take effect until October 1.