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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Namyang Dairy has announced that it will buy back and cancel its shares once again, marking the third instance since its acquisition by the private equity firm
Hahn & Company (Hahn & Co). The company continues to pursue an aggressive shareholder return policy, which has raised expectations for its stock price to rise.
In an official announcement on Friday, Namyang Dairy’s board of directors approved the buyback and cancellation of shares worth approximately 20 billion KRW. The target shares are 305,464 shares, which were bought back between October of last year and February of this year, with the cancellation scheduled for March 17.
Additionally, the company decided to issue a cash dividend of 100 KRW per common share and 105 KRW per preferred share, with the record date set for December 31 of the previous year. The dividend payment is expected to be made on April 25.
Since its acquisition by Hahn & Company last year, Namyang Dairy has been implementing a proactive shareholder return policy, particularly focusing on share repurchases and cancellations.
Last year, it repurchased and canceled shares worth 23.1 billion KRW in September and 20.1 billion KRW in January of this year. With the latest announcement, Namyang Dairy will have spent a total of about 60 billion KRW on share repurchases and cancellations over the past year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
