Daechang Forging Co., Ltd. announces an Equity Buyback for KRW 3,000 million worth of its shares.
October 29, 2019 at 10:43 pm
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Daechang Forging Co., Ltd. (KOSE:A015230) announces a share repurchase program. Under the program, the company will repurchase up to KRW 3,000 million worth of its shares pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on May 3, 2020. As of October 29, 2019, the company had 96,286 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.
As on April 29, 2020, the company announced that the trust contract with Samsung Securities Co., Ltd has expired.
DaeChang Forging Co., LTD. is a Korea-based company engaged in the manufacture of heavy machinery components and automobile parts. Its heavy machinery components include links, roller assemblies, track shoes, track chains, seals, pins, bushings, bolts and nuts, which are used for excavators, tractors and other heavy equipment. It also produces crank shafts used in engine parts of automobiles. The Company distributes its products within domestic market and to overseas markets.