Choi Young-seop, CEO of SMAC, Acquires Additional Treasury Shares to Enhance Shareholder Value

[Asia Economy Reporter Lim Jeong-su] The CEO of Smac, a Kosdaq machine tool manufacturer, has increased his stake by acquiring treasury shares.

On the 22nd, CEO Choi Young-seop announced in a disclosure that he newly acquired 51,939 treasury shares. As a result, CEO Choi has purchased a total of 235,047 shares this year.

Smac stated that this treasury share purchase reflects confidence in future business growth. The business, which had slowed due to the impact of the novel coronavirus disease (COVID-19), has been improving since the third quarter, and the effects of research and development (R&D) investments are also becoming apparent.

According to the company, the machinery division is preparing for full-scale business expansion by establishing a new product lineup required for the semiconductor, display, and secondary battery industries. The ICT division has received favorable developments such as winning the Korea Electric Power Corporation digital frequency shared communication system facility project and entering the Southeast Asian market.

The convergence business division is conducting projects related to industrial Internet of Things (IoT), smart factories, and medical device automation, and is expected to be a major beneficiary of the government's Digital New Deal policy. The FA division is also promoting cooperation with domestic global conglomerates in connection with machine tools and robotics businesses.

A Smac official said, "We will continue activities to enhance shareholder value, such as ongoing treasury share purchases. Since all divisions have been seeing a rebound in performance since the third quarter, performance improvements will proceed rapidly."