Anam Electronics shares hit the upper price limit (the daily price increase cap) in early trading on the 19th. The surge is seen as driven by news of a tender offer for its own shares.
As of 9:28 a.m., Anam Electronics stock was trading on the Korea Exchange at 1,574 won, up 29.98% (363 won) from the previous day.
Earlier, on the 18th, Anam Electronics disclosed it would conduct a tender offer to buy 25,657,000 treasury shares (33.27% equity) at 1,560 won per share. The tender offer period runs from the 19th to the 10th of next month. The price Anam Electronics said it would pay in the tender offer is 28.8% higher than the previous day's closing price of 1,211 won.
Anam Electronics also said it will cancel the treasury shares acquired through the tender offer at an appropriate time in the future. Anam Electronics plans to purchase all shares tendered even if the number of shares tendered falls short of the target.