Manho Rope & Wire shares surged in early trading on the 26th. The move is seen as driven by the company's statement the previous day that it would acquire and retire all of its own shares worth 25 billion won to enhance shareholder value.
As of 9:14 a.m. that day, Manho Rope & Wire stock was trading on the Korea Exchange up 13.90% (5,450 won) from the previous session at 44,650 won.
Manho Rope & Wire disclosed the previous day (25th) that it decided to acquire 25 billion won worth of treasury shares to enhance shareholder value. The amount comes to 733,138 common shares. Manho Rope & Wire plans to retire all the shares it acquires.
The expected acquisition period runs from that day through Nov. 30. After completing the buyback, Manho Rope & Wire plans to convene a separate board meeting and disclose a decision to retire the shares.