Andyforce "Expecting Escape from Undervaluation... Share Buyback"

[Asia Economy Reporter Hyungsoo Park] AndyForce has decided to purchase treasury shares worth 2 billion KRW to enhance shareholder value.

AndyForce announced on the 20th that it has decided to acquire treasury shares worth approximately 2 billion KRW for the first time since its listing. The acquisition of treasury shares will be conducted through on-market purchases. The planned acquisition quantity is 865,800 common shares. The on-market purchases will be carried out over three months until June 20.

AndyForce currently holds 570,000 common shares as treasury stock. After acquiring the treasury shares, it will hold 2.8% of the total issued common shares.

A company official stated, "This decision is aimed at stabilizing the stock price and enhancing shareholder value amid the difficult economic and stock market conditions caused by the COVID-19 pandemic." He added, "We plan to continue shareholder-friendly policies and responsible management to reduce concerns about shareholder value dilution."

AndyForce has continued external growth and profitability improvement based on its core IT business and new growth engine, the 5G components business. This year, it plans to maximize shareholder value by continuing growth through order expansion. Additionally, the pipeline expansion and new drug development business of its bio subsidiary are expected to gain momentum.

Recently, AndyForce announced that its subsidiary CureBio will accelerate the development of lung cancer and coronavirus treatments based on a new drug pipeline that inhibits the lung cancer-causing gene AIMP2-DX2 using siRNA technology. The lung cancer treatment NM-DXI01 has been introduced as a new pipeline, and development of treatments for infectious diseases such as COVID-19 is expected to speed up.

A company official said, "Considering the special circumstances of the current stock market, we plan to actively stabilize the stock price," and added, "Additional treasury share purchases are also under consideration."

Furthermore, the official added, "Based on the substantial achievements of the bio subsidiary, including the core business and the development of lung cancer and COVID-19 treatments utilizing siRNA platform technology, we expect to achieve sales of 68 billion KRW and operating profit of 14 billion KRW this year."

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