Mirae Asset Securities Approves Record $217 Million Share Buyback
Summary
- Mirae Asset Securities said its board approved a 300 billion won ($217 million) share buyback, the largest ever for the company.
- The repurchase will cover 200 billion won of common shares, 10 billion won of first preferred shares and 90 billion won of second preferred shares, and marks the first time first preferred shares have been included.
- The company said all shares acquired in the buyback will be fully canceled as part of a move to address stock undervaluation, boost shareholder value and narrow the gap between common and preferred shares.
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Mirae Asset Securities said on June 17 that its board approved a 300 billion won ($217 million) share buyback, the largest in the company's history.
The repurchase will cover 200 billion won of common shares, 10 billion won of first preferred shares and 90 billion won of second preferred shares. It marks the first time the company has included first preferred shares in a buyback.
Mirae Asset Securities said the decision is part of its shareholder return policy, aimed at narrowing the valuation gap between common and preferred shares and enhancing shareholder value in a balanced way.
The move is also intended to address the company's undervalued share price, lift shareholder value and reduce the market price gap between common and preferred shares.
Mirae Asset Securities has pursued its shareholder return policy through continued share repurchases and cancellations.
All shares acquired through this buyback will be canceled after the purchase.
Noh Jeong-dong, Hankyung.com reporter, dong2@hankyung.com
Korea Economic Daily
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