Celltrion, a South Korean biopharmaceutical company, announced on the 22nd that it held a board of directors meeting with the aim of stabilizing stock prices and increasing shareholder value. As a result, the company has decided to embark on a stock buyback initiative.
In this latest buyback endeavor, Celltrion plans to acquire a total of 314,466 treasury stocks, with an expected acquisition amount of approximately 50 billion won. The redemption of these treasury shares is set to take place through exchange purchases starting from June 23 and continuing until September 22, 2023.
This marks the third time this year that Celltrion has engaged in stock repurchases. In total, the company will acquire 971,820 shares, equivalent to a value of around 150 billion won. Notably, Celltrion completed a total of 1,555,883 treasury stock purchases in the previous year.
An official from Celltrion commented on the decision, stating, “By purchasing additional treasury stocks, we aim to improve Celltrion’s confidence in business growth and enhance shareholder value. We remain committed to preserving the company’s value and maximizing returns for our shareholders.”
As Celltrion takes steps to reassure investors and strengthen its position in the market, industry experts are closely monitoring the company’s strategic moves.
– Fortune Korea Reporter Kim Dong-hyun gaeed@fortunekorea.co.kr
[사진=뉴시스]
Celltrion announced on the 22nd that it was holding a board of directors meeting on the 22nd to stabilize stock prices and increase shareholder value, and decided to buy back its own stock.
A total of 314,466 treasury stocks to buy this time, the expected acquisition amount is about 50 billion won. The redemption of the treasury shares is intended to be done through exchange purchases between June 23 and September 22, 2023.
Celltrion will acquire a total of 971,820 shares, worth about 150 billion won, three times this year. Last year, Celltrion completed a total of 1,555,883 treasury stock purchases.
A Celltrion official said, “We have bought the third treasury stock this year in an effort to improve Celltrion’s confidence in business growth and shareholder value. We will continue to make efforts to preserve corporate value and enhance shareholder value.”
/ Fortune Korea Reporter Kim Dong-hyun gaeed@fortunekorea.co.kr
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