Kim Dong-seon, CEO of Hanwha Machinery and Service Holdings (Hanwha M&S), is set to invest approximately 27 billion won of his personal funds in an additional stock buyback.
On November 9, Hanwha M&S announced that Kim plans to repurchase about 3.38 million common shares and has submitted the relevant report to the Financial Supervisory Service.
This second buyback will utilize Kim's personal funds of around 27 billion won. The buyback period is from November 9 to 30, lasting 22 days, with the purchase price set at 8,000 won per share, the same as the first buyback.
Kim's buyback initiative follows the completion of the first round earlier this month. The recent volatility in stock prices, exacerbated by a decline in the KOSPI index and external factors, has prompted this action to minimize the impact on minority shareholders and reinforce responsible management. As of November 6, Hanwha M&S's stock closed at 7,000 won, a drop of about 12% from 7,900 won on November 3, immediately after the first buyback concluded.
Previously, Kim announced a first buyback targeting 26,203,000 common shares, successfully acquiring 22,975,541 shares, or 87.7% of the target.
A Hanwha M&S representative stated, "In light of the ongoing unstable stock price trends due to external factors, we decided on this urgent measure to prevent losses for minority shareholders and to bolster investor confidence. As the largest single shareholder and management, we will continue our efforts to secure market trust and enhance shareholder value."
Hanwha M&S was established in August through the spin-off of the Tech & Life division of Hanwha Group and is listed on the securities market. The Tech division includes Hanwha Vision, Hanwha Semitech, Hanwha Momentum, and Hanwha Robotics, while the Life division comprises Hanwha Galleria, Hanwha Hotels & Resorts, and Our Home.
* This article has been translated by AI.
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