Mirae Asset Daewoo to buy back W100 billion worth of own shares
By Kim Bo-eun
Mirae Asset Daewoo's headquarters in central Seoul / Courtesy of Mirae Asset Daewoo
Mirae Asset Daewoo said Sunday it plans to buy back 100 billion won ($90 million) of its own shares as a means of boosting shareholder value.
The brokerage said it will buy back 1,050 of its own shares by April 28. This comes after the brokerage bought back a total of 50 million shares amounting to 372.7 billion won on four occasions in 2020.
Mirae Asset Daewoo's share price had remained lackluster in recent months. But the stock price received a boost on Dec. 1 when the brokerage won a U.S. court case against China's Anbang Insurance Group over Mirae pulling out of a $5.8 billion deal to buy U.S. hotels from the Chinese insurer. Mirae's share price hit a 52-week high of 11,100 won on Jan. 11, when the Financial Services Commission unveiled a list of firms which received approval to launch "MyData” business, which will enable them to receive credit information on their customers from conventional financial firms, letting customers access all of their financial information in one place.
But the brokerage's stock price has hovered below 10,000 won in recent weeks, closing at 9,760 won per share, Friday.