The flour milling and compound feed manufacturing specialist Hantop(002680) is locked at the upper price limit for a second straight session. The rally appears to be fueled by buyers after the largest shareholder said it would buy a large amount of treasury shares on the open market.
At 9:27 a.m. on the 12th on the KOSDAQ market, Hantop hit the upper price limit at 2,795 won, up 645 won (30.00%) from the previous transaction day.
After surging 29.99% and closing the previous day, Hantop again shot to the upper price limit right after the open, extending its strong gains.
It appears shares rose after Hantop disclosed a transaction plan in which the largest shareholder would buy 2 million common shares on the open market to enhance corporations and shareholder value.
The purchases are scheduled to run for 30 days from Aug. 11 to Oct. 10. The planned purchase size is about 3.3 billion won. The reference unit price was calculated using the Aug. 10 closing price of 1,654 won, the day before the disclosure.
Hantop is a flour milling and compound feed specialist corporations established in 1959.