[Apha Biz=(Chicago) Reporter Paul Lee] Dunamu, the operator of the virtual asset (cryptocurrency) exchange Upbit, will purchase its own shares this year, following last year.

Dunamu held an extraordinary shareholders' meeting on the morning of the 24th and voted for the acquisition of its own shares. The purchase limit is 50 billion won, 500,000 shares.

The purchase price will be decided by the board of directors later. If the purchase price is less than 100,000 won per share, the purchase price will be within 50 billion won even if all 500,000 shares are bought. On the contrary, if you exceed 100,000 won, you cannot buy all 500,000 shares. The board meeting schedule is still being coordinated.

Buying back shares means buying back shares issued by companies in the market or over-the-counter. Unlisted companies will be able to buy back their shares with a limit on dividendable profits in the previous year through a revision of the Commercial Act in April 2012.

The reason why Dunamu made such a decision is to enhance shareholder value by defending falling stock prices.

Dunamu also purchased treasury stocks once last year. Dunamu bought 264,000 shares of its own stock from June to July last year in the over-the-counter market. The acquisition price per share was 334,000 won. This year, it is expected to be purchased at a much lower price than last year.

 

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