Aims to increase shareholder’s value and to practice responsible management
[by Sung, Jae Jun] Huons Global purchased its subsidiary HuM&C’s shares on the market and pledged to practice responsible management as a holding company of the Huons Group.
The company announced on May 22 that it purchased 408,757 shares of 스피드 바카라 사이트amp;C worth 396,730,488 KRW through open market purchases from May 14 to 16.
After the share acquisition, Huons Global currently owns 57.92% of 스피드 바카라 사이트amp;C, up 0.83% from 57.09%. Huons Global’s acquisition of subsidiary 스피드 바카라 사이트amp;C’s shares shows strong commitment to responsible management from the chief executives of Huons Global by expanding its ownership and increasing shareholder value by stabilizing stock prices.
On May 13, 스피드 바카라 사이트amp;C announced a 5:1 reverse stock split, at a ratio of 80%. The rationale behind the reverse stock split is to compensate for the deficit and improve financial standing. The basis date is July 28. Upon completion of the reverse stock split, the capital will be reduced to 4.9 billion KRW from 24.5 billion KRW, and the outstanding shares will shift to 9.81 million shares from 49.05 million shares.
스피드 바카라 사이트amp;C also approved an agenda on transferring capital reserves to retained earnings to secure profit available for dividends. This will allow for non-taxable dividends to shareholders when the capital reserves are reduced and distributed. The company also expects that acquisition of treasury stock will be possible to enhance shareholder value.
스피드 바카라 사이트amp;C reported consolidated revenue of 12.5 billion KRW in the first quarter, up 4.4 percent on the year, and operating profit of 512 million KRW, while its cosmetics business posted revenue of 5.1 billion KRW, a 77.2% increase due to the effects of the business acquisition in the second half of last year. In particular, 스피드 바카라 사이트amp;C expects ramp up of its production facility’s operation in Vietnam in the second quarter to strengthen its competitiveness in the glass business.
스피드 바카라 사이트amp;C stated that it will continue to implement shareholder friendly policies to maximize shareholder value and channel resources into discovering new growth engines through its continuous efforts to enhance profitability.
Huons Global’s CEO Song Soo-young said, “We are committed to responsible management as a holding company, and the purchase of a stake in 스피드 바카라 사이트amp;C is a part of it. We will continue to support 스피드 바카라 사이트amp;C to improve its financial standing and ensure stable operations.”
스피드 바카라 사이트amp;C has recently completed its investment worth about 8 billion KRW in its production facility in Vietnam. The company expects full-scale production at the new facility in the second quarter, which will significantly improve the performance of the glass business.