SIMPAC Inc. announces an Equity Buyback for KRW 5,000 million worth of its shares.
January 13, 2021 at 12:57 am
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SIMPAC Inc. (KOSE:A009160) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 worth of its shares pursuant to a contract with Mirae Asset Daewoo Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on July 14, 2021. As of January 12, 2021, the company had 7,274,021 shares in treasury within scope available for dividend and had 669,203 shares in treasury through other repurchases.
SIMPAC Inc. is a Korea-based company mainly engaged in the manufacture of presses for metal parts manufacturing. The Companyâs products consist of mechanical presses, including coordinate frame (C-frame) crank presses, solid frame presses, transfer presses, liner guide link presses, straight side crank presses, crankless presses, as well as servo presses and hydraulic presses. The Company also produces automation equipment, including transfer robots, shuttle robots, loaders, unloaders, new uncoiler leveler (NC) feeders, NC feeders, blanking lines and slitting lines. In addition, it engages in the rental business. The Company distributes its products within domestic market and to overseas markets. On February 11, 2014, the Company acquired a 98% stake in BONG SHIN Co.Ltd.
SIMPAC INC. 