HanmiScience to Buy Back Treasury Shares Worth 10.1 Billion KRW... "Enhancing Shareholder Value"

Decision to Acquire 330,000 Shares of Treasury Stock

Hanmi Science, the holding company of Hanmi Group, announced on the 24th that it will purchase 330,000 treasury shares to stabilize its stock price and enhance shareholder value. The acquisition cost is 10.098 billion KRW.

Exterior view of Hanmi Pharm headquarters. [Photo by Hanmi Pharm]

The expected acquisition period is from October 25, 2023, to January 24, 2024, and the shares will be acquired through on-market purchases. Along with Hanmi Science's decision to buy back treasury shares, it was reported that executives of Hanmi Group have expressed their voluntary intention to purchase treasury shares.

Hanmi Science explained that this decision was made to reflect market opinions demanding diversification of shareholder return policies and to instill confidence in shareholders regarding the increase in corporate value. The acquisition of treasury shares reduces the number of shares circulating in the market by the amount acquired by the company, which can have a stock price boosting effect.

A Hanmi Science official stated, "On the occasion of the 50th anniversary of the company's founding, Hanmi Group executives have made a voluntary decision to purchase treasury shares as a way to convey to shareholders their confidence in the company's future value," adding, "Executives of listed group companies such as Hanmi Pharm and JV M, centered around Hanmi Science, will continue the relay of treasury share purchases."

Hanmi Science has been functioning as a business-type holding company after successfully completing the merger with Hanmi Healthcare, a Hanmi Group affiliate, last year.

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