Mirae Asset Securities to buy back shares worth W60b

Mirae Asset Securities, Korea's largest investment bank and securities firm, said it plans to initiate a share buyback program worth 60.2 billion won ($44 million) in an effort to boost shareholders’ value, the firm said Wednesday.

The firm will repurchase its 10 million shares, which is equivalent to some 2.1 percent of the market cap, over a three-month period from Thursday to Jan. 18 through intraday trading. The firm’s market cap stands at 3.83 trillion won as of Thursday.

Since 2021, the firm has been buying back and canceling its own shares, along with paying dividends to its shareholders. In the past three years, the firm gave out dividends worth 441.6 billion won. It has also purchased 663.9 billion won worth of its own shares, canceling some 441.1 billion won.

Last year, Mirae Asset Securities paid dividends worth 123.4 billion won, while buying back and canceling its own shares worth 86.7 billion to improve shareholders' return despite the slump in the stock market.

Mirae Asset Capital, the largest shareholder of the brokerage firm with a more than 30 percent stake in the company, has purchased common shares worth 55 million won since 2018 as well, the firm said.

“The stock purchase reflects the group’s willingness to improve shareholders’ value,” an official from the firm said.

“We are looking over a more active, persisting policy to boost shareholders' return which will take place from 2024 for three years.”

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