Mirae Asset Life Insurance hit the upper price limit on the 5th. Buying piled in after news that the company decided on a large-scale cancellation of treasury shares to enhance shareholder value.
As of 9:30 a.m., Mirae Asset Life Insurance was trading at 13,570 won on the Korea Exchange, up 29.98% (3,130 won) from the previous day.
On the 4th, Mirae Asset Life Insurance said it held a board meeting and disclosed it would cancel about 62.96 million shares, including common shares and convertible preferred shares, excluding 4.7 million treasury shares for employee compensation. This amounts to about 93% of the treasury shares the company holds.
Accordingly, the total number of shares outstanding at Mirae Asset Life Insurance will decrease by about 31.8% from the previous level, and, on a common-share basis, 23.6% of the total will be reduced, the company said.