JINSUNG T.E.C., Inc. announces an Equity Buyback for KRW 1,000 million worth of its shares.
June 16, 2016
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JINSUNG T.E.C., Inc. (KOSDAQ:A036890) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million of its shares pursuant to a trust contract with Shinhan Investment Corp. The purpose of the share repurchase program is to stabilize the share price and to improve shareholder value. The share repurchase program is valid until December 16, 2016. As of June 16, 2016, the company had 2,370,826 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.
JINSUNG T.E.C. is a Korea-based company mainly engaged in the manufacture and distribution of rollers used in the construction equipment. The Company's products consist of rollers including track rollers and carrier rollers, idlers including front idlers, roll forging idlers, track spring assemblies and others, as well as sprockets, which are used to support the heavy weight of caterpillar parts of heavy construction equipment. The Company also provides other under-carriage manufacturing equipment components. The Company distributes its products within domestic market and to overseas markets, including America, Japan, China and others.