Golfzon Co., Ltd.'s Equity Buyback in the amount of KRW12000 mm has expired
February 06, 2012 at 11:00 pm EST
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The Board of Directors of Golfzon Co., Ltd. (KOSE:A121440) authorized a share repurchase program on August 8, 2011. Under the program, the company will repurchase up to KRW 12 billion worth own shares pursuant to a trust agreement with Korea Investment & Securities Co., Ltd. The purpose behind the program is stability of stock price, enhancement of shareholder value, delivery of shares as incentives for Officers and employees and delivery of shares following stock options. Repurchases will commence on August 8, 2011 and will continue until February 7, 2012. As of October 8, 2010, the company does not hold any shares in treasury. Korea Investment & Securities Co., Ltd acted as the broker for the buyback.
Golfzon Co., Ltd.'s share repurchase program expired on February 7, 2012. Under the plan, the company has repurchased 201,661 shares.
GOLFZON NEWDIN HOLDINGS Co., Ltd., formerly GOLFZONNEWDIN Co., Ltd., is a Korea-based company mainly engaged in the development of golf game software. The Company and its subsidiaries are engaged in the provision of golf simulators, including swing plates, golf simulator online services, online screen golf services, golfzon live managers, as well as operation of golf courses. It also provides simulator maintenance services and distributes golf supplies. The Company provides online services through Golzon.com, which enables customers to watch real-time swing motion videos and ranking information during game rounds, and access to golf column for golf learning articles and event information. It supplies its products within domestic market and to overseas markets.