[Infostock Daily= Reporter An Hoe Hyun] Shinpoong Pharmaceutical announced on the 21st that it will dispose of treasury stocks worth more than 200 billion won. The disposal date is on the 22nd and is an off-hours block trading(block deal) method.
The treasury stock, which Shinpoong Pharmaceutical said it would dispose of on the day, is 1,289,550 shares worth 215.4 billion won, which is one quarter of the total 5,003,511 shares held by Shinpoong Pharmaceutical.
The disposal price is 167,000 won per share, which is 13.7% off the closing price(193,500 won) on the 21st. Out of the disposal amount, 580,000 shares will be bought by Hong Kong-based hedge fund Segantii.
"We have decided to dispose of treasury stocks to improve production facilities and secure investment funds for research and development projects," said Shinpoong Pharmaceutical.
Reporter An Hoe Hyun ahh@infostock.co.kr
