MNC Solution(484870) jumped more than 25% early on the 31st after news that it will buy back $15 billion won worth of its own shares and strategically cancel them. The decision to cancel treasury shares to enhance shareholder value is seen as boosting investor sentiment.
At 9:13 a.m. on the stock market that day, MNC Solution was trading at 18,980 won, up 3,870 won (25.61%) from the previous session. The stock, which opened at 17,370 won, has been widening its gains as buying poured in right after the opening.
Earlier, on the 28th, MNC Solution disclosed that it decided to sign a trust contract to buy back treasury shares worth 15 billion won to raise shareholder value. The counterparty is Kiwoom Securities, and the contract period runs from the 28th of this month to Feb. 28 next year.
The planned number of shares to be acquired is 996,016 common shares. This figure is calculated based on the closing price (15,060 won) on the 27th, the day before the board resolution. MNC Solution noted that, depending on future share price movements, the actual number of shares to be acquired and the purchase price may change.
MNC Solution plans to cancel all treasury shares purchased under this trust to enhance shareholder value. Specific cancellation plans and procedures will be disclosed after a separate board resolution at a later date.