Dongbang Ship Machinery Co., Ltd. announces an Equity Buyback for KRW 1,000 million worth of its shares.
July 03, 2017 at 03:22 am EDT
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Dongbang Ship Machinery Co., Ltd. (KOSDAQ:A099410) announces a share repurchase program. Under the program, the company will repurchase up to KRW 1,000 million worth of its shares pursuant to a trust contract with Shinhan Investment Corp. The purpose of the program is to stabilize the share price and to improve shareholder value. The program is valid until January 2, 2018. As of July 2, 2017, the company had no shares in treasury within scope available for dividend and had no shares in treasury through other repurchase.
Dongbang Ship Machinery Co., Ltd. is a Korea-based company engaged manufacture of ship plumbing and module units, as well as terrestrial and marine plants. The Company mainly manufactures and sells module units, including fuel oil (FO) supply systems used for ship boilers; lube oil/heavy fuel oil (LO/HFO) purifier units used for main engines, as well as pipe spools consisting of steel pipe spools, stainless steel pipe spools and copper pipe spools. It also engages in the ship repairing and other businesses. The Company had one China-based wholly owned subsidiary, Dalian Dongbang Ship Machinery Co., Ltd. On January 1, 2014, it divested its ship repair business into a new wholly owned subsidiary namely Dongbang Shipyard Co.,Ltd.
DONGBANG SHIP MACHINERY CO., LTD. 
