Samyang Foods Sells Entire Treasury Stock at 3.5% Discount

(Seoul=Yonhap Infomax) Su In Jeong – Samyang Foods Co., a leading South Korean food manufacturer, has sold its entire treasury stock at a 3.5% discount to overseas institutional investors.

According to a regulatory filing on the Financial Supervisory Service’s electronic disclosure system on the 24th, Samyang Foods disposed of all 74,887 treasury shares at 1,326,875 won ($1,020) per share.

The disposal price per share reflects a 3.5% discount to the closing price on the previous trading day, November 19.

The shares were acquired by three foreign institutional investors: Viridian Asset Management (24,963 shares), Jump Trading (24,962 shares), and Weiss Asset Management (24,962 shares). Kwon Woo-jeong, analyst at Kyobo Securities, noted that all three are new overseas investors with a mid- to long-term investment horizon.

A Samyang Foods official stated, “The discount rate was set at 3.5% in consultation with the institutional investors.”

sijung@yna.co.kr

(End)