Samick Musical Instruments Co., Ltd. announces an Equity Buyback for 2,000,000 shares.
November 05, 2018 at 01:08 am EST
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Samick Musical Instruments Co., Ltd. (KOSE:A002450) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares for KRW 3,310 million. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on February 5, 2019. As of November 5, 2018, the company had 5,000,000,000 shares in treasury within scope available for dividend and had 0 shares in treasury through other repurchase.
Samick Musical Instruments Co Ltd is a Korea-based company mainly engaged in the manufacture and sale of musical instruments. The Company operates its business through three segments. The Musical Instrument segment is mainly engaged in the manufacture and sale of musical instruments such as pianos, guitars and electronic instruments business. The Collective Energy segment is mainly engaged in the provision of electricity and heat to meet demand for cooling and heating. The Other Sales segment is mainly engaged in the rental of musical instruments and investment properties business.