Osstem Implant, which had decided to resume stock trading at the corporate review committee of the Korea Exchange held on the 27th, announced that it had decided to buy back shares worth 30 billion won.
According to Osstem Implant on the 28th, the company held an emergency board meeting immediately after the decision of the committee the day before and decided to buy back 30 billion won worth of treasury stock. Osstem Implant CEO Uhm Tae-gwan said, “We have decided to buy back stock to protect shareholders and enhance shareholder value.
Prior to this, Osstem Implant announced on the 26th that it recorded 234.1 billion won in sales in the first quarter. This is an increase of more than 36% compared to the same period last year. In particular, operating profit reached 51.2 billion won, up more than 100% compared to the same period last year.
Osstem Implant expects to achieve sales of KRW 1 trillion and operating profit of KRW 170 billion this year. A company official said, “To achieve the goal, we are actively reviewing global sales expansion and mergers and acquisitions (M&A).”
Osstem Implant, which currently operates 30 overseas subsidiaries in 26 countries, will establish 5 additional overseas subsidiaries, including Spain, this year. It will also expand its global production base. The US subsidiary plans to increase production by 58% compared to the previous year by expanding the Philadelphia plant. When the plant extension is completed, the US subsidiary’s local sales activities and production efficiency will improve, which is expected to accelerate the growth of the US market. Global M&As are also being pursued. We plan to actively review M&As in areas that can create synergy with our flagship businesses for global dental companies in Europe and South America.
CEO Uhm Tae-kwan said, “With this embezzlement incident as an opportunity, we will further strengthen the company’s internal stability and quickly realize our global business plan.” will,” he emphasized.
Osstem Implant, which resumed trading on the same day, finished trading at 112,000 won, down 7.44% from the opening price (121,000 won). It is 21.51% lower than the stock price on December 30 of last year (142,700 won) just before the suspension of trading.
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