Gamsung, a lifestyle outdoor company, disclosed Monday that it has decided to repurchase 2 billion won ($1.51 million) worth of its own shares to enhance shareholder value and maximize corporate value.
The buyback will run from Tuesday through Dec. 24 through direct open-market purchases, targeting 578,871 common shares.
Gamsung said the move is aimed at stabilizing its share price and continuing its proactive shareholder return efforts. The company has pursued an aggressive shareholder return policy on the back of earnings growth.
In line with its policy of returning at least 50 percent of the previous fiscal year's net profit for the period, the company this year paid 18 billion won in cash dividends and conducted a 4.5 billion won share buyback.
The company also fully canceled 1.27 million treasury shares it held in two rounds — in June and on Thursday. Chief Executive Officer Kim Ho-sun further demonstrated his commitment to responsible management by purchasing 4.9 billion won worth of treasury shares across seven separate transactions this year.
"This buyback decision is a measure to balance growth investment for global business expansion with shareholder returns, backed by the company's rapid growth trajectory and confidence in its future management," a company official said. "We will continue to explore diverse and consistent ways to enhance shareholder value on the foundation of our sustained strong earnings."
spa@heraldcorp.com
