Hanjin to Buy Back 20 Billion KRW Worth of Treasury Shares to Enhance Shareholder Value

[Asia Economy Reporter Dongwoo Lee] Hanjin announced on the 12th that it has decided to repurchase its own shares and signed a trust contract worth 20 billion KRW to stabilize its stock price and enhance shareholder value.

The contract period is from the day after the board resolution, starting on the 11th of this month, until September 12th, and the contracting institution is NH Investment & Securities. Based on the previous day's closing price of 42,200 KRW, the volume amounts to 473,933 shares of Hanjin stock. This corresponds to a 3.17% stake.

A Hanjin official explained the background of the share repurchase, stating, "With the growth and profitability improvement of the courier business continuing due to the surge in non-face-to-face consumption caused by COVID-19, the stock was excessively undervalued compared to the actual corporate value. We decided to repurchase shares to improve the undervaluation through stock price recovery, thereby enhancing corporate and shareholder value and expressing the potential for continuous corporate growth."

Hanjin plans to continue efforts to increase corporate and shareholder value based on profitability-focused internal management, sustainable management, and building a foundation for future growth.

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