TYM announced Wednesday that its board approved the acquisition of approximately 10 billion won in treasury shares. The planned purchase covers 1,538,461 common shares, equivalent to about 3.7 percent of total shares outstanding. [TYM]
TYM announced Wednesday that its board approved the acquisition of approximately 10 billion won in treasury shares. The planned purchase covers 1,538,461 common shares, equivalent to about 3.7 percent of total shares outstanding. [TYM]

1.54 million shares to be bought on market from Thursday through Feb. 11

TYM already holds 3.72% in treasury; cancellation plan for new shares undecided

Cumulative operating profit reaches 98.4 billion won through Q3; interim dividend up 2.4-fold

Agricultural machinery maker TYM is set to buy back 10 billion won ($7.44 million) worth of its own shares, continuing a push to strengthen shareholder returns that has included canceling 22 billion won in treasury shares last year and expanding its interim dividend this year. The company has not disclosed a cancellation schedule for the shares it plans to acquire this time.

TYM said Wednesday its board approved the acquisition of approximately 10 billion won in treasury shares. The planned purchase covers 1,538,461 common shares, equivalent to about 3.7 percent of total shares outstanding.

The buyback runs from Thursday through Feb. 11 next year, with shares to be purchased on the open market through NH Investment & Securities. The target price was calculated based on the closing price of 6,500 won per share on Tuesday, and the actual acquisition cost may vary depending on share price movements.

Before this decision, TYM already held 1,538,957 treasury shares, representing about 3.72 percent of total shares outstanding. If the full planned volume is acquired, its treasury share holdings will grow to approximately 3.07 million shares. No cancellation plan for the newly acquired shares has been disclosed, and the company intends to hold them for at least six months from the final acquisition date.

TYM has been buying back its own shares since 2019. In November last year, it canceled 3,650,956 shares — about 8.1 percent of total shares outstanding — at a value of approximately 22 billion won.

The company has also expanded its cash dividend. Since introducing an interim dividend in 2022, TYM has paid one every year. This year's interim dividend stands at 120 won per common share, up 2.4 times from 50 won last year.

The shareholder return push comes alongside improving earnings. TYM posted consolidated sales of 260.1 billion won and operating profit of 35.8 billion won in the third quarter, up 16.0 percent and 124.7 percent, respectively, from the same period last year. Cumulative operating profit for the first three quarters reached 98.4 billion won, a 78.0 percent increase year on year. Stronger sales of mid- to large-sized tractors in North America were a key driver of the improvement.

"This treasury share acquisition is intended to share the fruits of the company's growth with shareholders and enhance shareholder value," a TYM official said. "We will continue to pursue shareholder return policies so that sustained growth and improved shareholder value go hand in hand."


hong@heraldcorp.com