Mirae Asset Daewoo Decides to Repurchase and Cancel Treasury Shares to Enhance Shareholder Value

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 20th that it has decided to repurchase and cancel its treasury shares to enhance shareholder value.

The scale of this treasury stock acquisition is approximately 47 billion KRW, about 13 million common shares, which corresponds to about 2.4% of the outstanding shares. The company plans to complete the repurchase in the stock market within three months from the 23rd to June 22nd and then cancel the shares.

Mirae Asset Daewoo stated that this decision to repurchase and cancel treasury shares is aimed at enhancing shareholder value and protecting shareholders by increasing stock value. Even considering the impact of the COVID-19 situation on the financial market, the recent stock price movement is judged to be in an absolutely undervalued range from the fundamentals perspective, including the company's performance.

Jeon Kyungnam, CEO of the Management Innovation Division at Mirae Asset Daewoo, said, “We will continue to implement various shareholder-friendly policies to enhance shareholder value and protect shareholders. Based on our differentiated capital strength, we have pursued both growth and stability through diversification of revenue structure and conservative risk management. We will do our best to respond well to the current situation and gain more recognition from customers and investors.”

Earlier, on the 19th, Mirae Asset Capital, the largest shareholder of Mirae Asset Daewoo, announced that it would purchase Mirae Asset Daewoo common shares worth around 50 billion KRW in the market. This is expected to have a positive impact on supply and demand improvement along with Mirae Asset Daewoo’s treasury stock repurchase.

This content was produced with the assistance of AI translation services.