C&T Seongjin to Buy Back 9.9 Billion KRW Worth of Treasury Shares as Part of Shareholder Return Policy
[Asia Economy Reporter Hyunseok Yoo] CNTOOS Seongjin, a specialized company in advanced material filters, announced on the 31st through a public disclosure that it has decided to repurchase its own shares.
On the same day, CNTOOS Seongjin held a board meeting and finalized the repurchase of treasury shares worth 9.9 billion KRW. This repurchase will involve directly acquiring 400,000 shares on the KOSDAQ market based on the closing price of 24,700 KRW on the 30th. Shinhan Financial Investment was selected as the entrusted management company.
CEO Ha Chunwook of CNTOOS Seongjin expressed shareholder value enhancement and the company's continuous growth potential by purchasing 10,000 shares on the market in February. This treasury stock repurchase is part of CNTOOS Seongjin's shareholder return policy.
A CNTOOS Seongjin official stated, “The treasury stock repurchase will be a turning point to clearly demonstrate our commitment to responsible management to shareholders and investors,” and added, “We expect clear sales growth in the filter division due to increased demand for high-performance filters.”
He said, "This will be a year to reduce the gap between the filter business division and the mask business division," and “The continuous expansion of the filter business will serve as a foundation to grow both the company's fundamentals and scale, and we will also strengthen IR activities through ongoing shareholder-friendly policies.”
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Meanwhile, CNTOOS Seongjin recently disclosed that it recorded annual sales of 157.9 billion KRW, operating profit of 68.7 billion KRW, and net profit of 32.1 billion KRW last year. Regarding net profit, the company successfully turned from a slight deficit in the previous year to a large surplus, showing explosive sales growth and clear profitability improvement. Further growth is expected due to the expansion of the filter industry and increased overseas sales.
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