Satrec Initiative Co., Ltd. announces an Equity Buyback for KRW 1,000 million worth of its shares.
October 06, 2020 at 11:04 pm EDT
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Satrec Initiative Co., Ltd. (KOSDAQ:A099320) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a contract with Mirae Asset Daewoo Co., Ltd. The purpose of the program is to improve shareholder value and to stabilize stock price. The program will expire on October 6, 2021. As of October 6, 2020, the company had 106,690 shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.
Satrec Initiative Co., Ltd. is a Korea-based company engaged in the provision of satellite systems. The Company operates its business through four divisions: satellite, earth, derivative and other. Its satellite division provides satellite systems, including 300 kilogram (KG) and 200 KG class earth observation small satellite systems, 100 KG class low earth orbit micro-satellite systems, as well as electronic optical cameras, among others. Its earth division provides satellite image signal processing devices and software. Its derivative division provides radioactive ray source and amount monitoring systems. Its other division provides memories used in aerospace industry. On April 1, 2014, it divested its image business into a new wholly owned subsidiary, namely SI Imaging Services Co., Ltd.
SATREC INITIATIVE CO., LTD. 
