|The Mirae Asset Daewoo headquarters in Seoul / Courtesy of Mirae Asset Daewoo|
Mirae Asset Daewoo said Thursday it had decided to acquire treasury stocks worth 113.4 billion won ($94 million).
The securities firm will buy 15 million common stocks, which account for 2.8 percent of its outstanding shares.
The company plans to start the acquisition on the benchmark KOSPI, today, and will complete the procedure by the end of October.
This is Mirae Asset Daewoo's third acquisition of treasury stocks this year.
It acquired 13 million stocks in March and 16 million in June.
With the latest decision, the entire amount of treasury stocks the company will acquire this year has reached 44 million, or 8.3 percent of its outstanding shares.
"Considering our balanced profit model and differentiated financial stability, our current stock price has been undervalued, so our management prioritizing the shareholder value has decided to acquire additional treasury stocks," said Jeon Kyung-nam, managing director of Mirae Asset Daewoo. "We will continue to protect our shareholders' rights through various activities including the acquisition of treasury stocks."