Samsung Publishing hit the upper price limit early on the 2nd. The stock drew strong buying from investors as expectations rose after news that the company recently decided to buy back 1 billion won of its own shares.
As of 9:50 a.m. on the stock market, Samsung Publishing was trading at 7,930 won, up 1,830 won (30%) from the previous session's close.
Samsung Publishing disclosed that after the market closed the previous day it decided to sign a trust contract with Daishin Securities to acquire treasury shares worth 1 billion won. It said the purpose of the contract is to stabilize the share price and enhance shareholder value.
The acquisition price is 6,530 won per share, and the planned number of shares to be acquired is 153,139.
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