NanoEntek to Buy Back 5 Billion Won Worth of Treasury Shares, "Will Retire All Shares After Acquisition" [Disclosure]

[Financial News] NanoEntek will buy back 5 billion won worth of treasury shares and retire all of the repurchased stock. The company plans to expand shareholder returns and boost corporate value on the back of improving earnings.
NanoEntek announced on the 1st that its board had decided to acquire 5 billion won worth of treasury shares. The planned purchase amount corresponds to 1,273,885 shares, based on the previous day's closing price.
The buyback will be carried out through open-market purchases under a trust agreement. The acquisition period runs for about six months, from today until Feb. 28 next year. The company plans to retire all of the treasury shares it acquires this time. The exact timing of the cancellation will be decided later through a board resolution.
Earnings have also continued to improve. NanoEntek posted consolidated revenue of 38.1 billion won and net income of 1.6 billion won last year. In the first half of this year, revenue rose 35.8% from a year earlier to 23 billion won. Net income for the same period turned to a profit of 3.6 billion won. In the second quarter, revenue increased 39.4% year on year to 12.5 billion won, while net income also swung to a profit of 2.1 billion won.
A NanoEntek official said, "We will strengthen our competitiveness in the life sciences and in vitro diagnostics markets, and use the share buyback as an opportunity to expand shareholder-friendly management." The official added, "We will enhance corporate value through transparent governance and a range of shareholder return policies."
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