Responsible management, shareholder value enhancement
Jibon Co., the largest shareholder of Paru Co. (PARU), a Kosdaq-listed renewable energy company, plans to purchase 500 million won ($362,000) worth of Paru shares.
The decision reflects the largest shareholder's confidence in the company's medium- to long-term growth potential and corporate value, and signals a commitment to responsible management and shareholder value enhancement.
Paru disclosed the share purchase plan through a regulatory filing Tuesday, noting that the specific timing and volume of purchases will be determined based on transaction prices and market conditions.
The announcement is notable for coming just as Paru completes a share consolidation and prepares to resume trading.
By signaling its intent to increase its stake, the largest shareholder aims to convey confidence in the company's future business direction and growth outlook to the market, while reinforcing its commitment to responsible management.
Paru carried out a 2-for-1 share consolidation, merging two common shares with a par value of 500 won each into one common share with a par value of 1,000 won.
As a result, the total number of issued shares will change from 41,804,315 to 20,902,157. Trading was suspended through Wednesday due to the consolidation, and the newly consolidated shares are set to list Thursday, when trading will resume.
Paru has built more than a decade of expertise in agri-solar technology, establishing a test bed in Japan in 2015 and installing South Korea's first dual-axis tracker agri-solar power facility in 2017.
The company has recently been expanding project opportunities linking agriculture and energy production through agri-solar systems, and is building a medium- to long-term growth foundation through technology advancement and profitability-focused operations.
"This decision by the largest shareholder will help align the interests of the company and its shareholders more closely, and serve as an opportunity to strengthen market confidence," a Paru official said.
parkds@heraldcorp.com
