Daechang Co., Ltd. announces an Equity Buyback for KRW 1,000 million worth of its shares.
March 26, 2020 at 10:19 pm EDT
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Daechang Co., Ltd. (KOSE:A012800) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its common stock pursuant to a contract with Korea Development Bank. The purpose of the program is to stabilize the stock prices and enhance the shareholders' value. The program will expire on September 26, 2020. As of March 26, 2020, the company had 14,235,280 shares in treasury within the scope available for dividend and no shares in treasury through other repurchase.
DAECHANG CO., LTD. is a Korea-based company engaged in the manufacturing of non-ferrous metal products. The Companyâs products include free cutting brass rods, forged brass rods, high-strength brass rods, dezincification resistance brasses, lead free brasses, copper anodes and others. The Companyâs products are used as raw materials for semiconductor, electrical, electronic, automobile, shipbuilding, industrial machine and other industries. The Company distributes its products within domestic market and to overseas markets. On December 26, 2013, it acquired additional shares of TAEWOO, a Korea-based company engaged in the rolling and extruding of copper. It held a 65.6% stake in the target company after the transaction.
DAECHANG CO., LTD. 
