KHVATEC Co., Ltd. announces an Equity Buyback for 265,133 shares.
June 29, 2016
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KHVATEC Co., Ltd. (KOSE:A060720) announces a share repurchase program. Under the program, the company will repurchase up to 265,133 shares for a total of KRW 3,181.59 million, which is based on the closing price of KRW 12,000 per share on June 29, 2016. The company will repurchase its shares on exchange directly through Korea Securities Dealers Automated Quotation market. The purpose of the share repurchase program is to improve shareholder value through stock price stabilization. The maximum number of shares that the company may repurchase on any day is 79,379 shares. The actual repurchase number of shares and the amount may change according to the hereafter stock price change. The share repurchase program is valid until September 30, 2016. As of June 29, 2016, the company had 480,000 shares in treasury within scope available for dividend and had 4,867 shares in treasury through other repurchase.
KH VATEC Co., LTD is a Korea-based company principally engaged in the manufacture and sale of aluminum casting products. The Company produces products including aluminum casting, magnesium casting, zinc casting and others. The Company also manufactures flexible printed circuit boards (FPCBs), which are used in mobile phones, as well as light emitting diode (LED) lighting products such as floodlights and street lights, among others.