Hugel to retire $42.3 mn of treasury shares to enhance shareholder value

[Courtesy of Hugel]

South Korea’s leading botulinum toxin manufacturer Hugel Inc. said Thursday that it will retire treasury shares worth about 54.6 billion won ($42.3 million) to boost shareholder value.

The company approved the plan during a board meeting last week. It will retire 371,563 treasury shares, which is about 3 percent of its outstanding shares, on Friday.

The value of the retiring shares is 54.6 billion won based on the average acquisition unit price.

Shares of Hugel were trading 0.07 percent lower at 147,100 won as of 10:30 a.m. on Thursday.

Hugel posted record quarterly sales of 84.8 billion won in the third quarter and record quarterly operating profit of 34.6 billion won during the same period.