Satrec Initiative Co., Ltd. announces an Equity Buyback for KRW 500 million worth of its shares.
March 17, 2020 at 09:48 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 500 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 March 17, 2021. As of March 17, 2020, the company had 77,490 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.