Mirae Asset Daewoo to buy back 100 billion won of its own shares

Mirae Asset Daewoo said in a corporate filing Thursday that it will buy back 100 billion won ($89.6 million) worth of its own shares.

The move was intended to generate greater shareholder value, according to the company.

According to the filing, it is buying back 10.5 million common stocks, roughly 2.1 percent of its outstanding shares. The purchase will be completed within the next three months, by April 28.

The buyback is the first this year. Last year, the company bought back some 372.7 billion won worth of shares, or 50 million shares, in four rounds and canceled 13 million stocks.

The brokerage said it will continue buying back shares through this year to further increase gains for shareholders.

The announcement came as it released its earnings guidance for 2020 on Thursday.

It posted 1.1 trillion won in operating profits, a 52-percent increase year-on-year. The company said it is the first in the securities industry to break 1 trillion won in operating profits.

The company posted 818.3 billion won in net profit, a 23 percent on-year increase.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]