Sun Machinery Co., LTD announces an Equity Buyback for 20,000 shares.
June 06, 2017 at 10:51 pm EDT
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Sun Machinery Co., LTD (XKON:A116100) announces a share repurchase program. Under the program, the company will repurchase up to 20,000 shares for a total of KRW 72 million, which is based on the closing price of KRW 3,600 per share on June 5, 2017. The actual amount for the repurchase may change according to the changes in the stock price. The company will make market repurchases through KONEX market. The purpose of the share repurchase program is to enhance shareholder value and pay employee bonus after repurchase. The maximum number of shares that the company may repurchase on any day is 2,000 shares. The share repurchase program is valid until September 7, 2017. As of June 6, 2017, the company had 2,090 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.
Sun Machinery Co., LTD is a Korea-based company mainly engaged in the production and sale of automobile parts. The main products include exhaust gas recirculation housing, stabilizer cab mounting assemblies, hydraulic power brake assemblies, arm Idler assemblies. The hydraulic power brakes are major parts of the chassis segment of commercial vehicles such as large buses, trucks and specially designed vehicles. In addition, the Company is involved in the manufacturing and sale of commercial castings, forgings, as well as medical equipments such as electric beds. The Company distributes its products within the domestic market and to overseas markets, including America.