Mgame Signs Trust Contract to Acquire 2 Billion KRW Worth of Treasury Shares

[Asia Economy Reporter Hyungsoo Park] Mgame announced on the 23rd that it has signed a trust contract with DB Financial Investment for the acquisition of treasury shares worth 2 billion KRW.

A company official explained, "The decision to acquire treasury shares is aimed at stabilizing the stock price and enhancing shareholder value amid the difficult stock market conditions caused by the COVID-19 pandemic," adding, "The period is until September 23."

Last year, Mgame's sales and operating profit increased by 39% and 100%, respectively, compared to the same period of the previous year, thanks to the overseas success of online games such as 'Yeolhyeol Gangho Online' and 'Knight Online.'

They expect the performance improvement trend to continue this year as well. Based on solid domestic and overseas sales of their representative online games, they anticipate adding new revenue through ▲self-development and external partnerships of mobile games utilizing the company's popular IP (intellectual property) ▲Steam release of the online mechanic third-person shooter (TPS) game 'ProjectX' ▲launch of sports betting games and blockchain games.

Mgame is able to acquire treasury shares based on the financial statements at the end of last year, which meet the requirements for treasury share acquisition under the Commercial Act. The acquisition of treasury shares will begin immediately after the conclusion of the regular shareholders' meeting.

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