[Featured Stock] Seegene, the Leader in COVID-19 Test Kits, Surges on News of Free Stock Dividend

Seegene researchers are analyzing and testing for the novel coronavirus infection (COVID-19) at the Seegene Medical Foundation Molecular Diagnostics Center in Seongdong-gu, Seoul, on the 6th. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Ji Yeon-jin] Seegene is showing a sharp rise in the KOSDAQ market on the 8th. As the leading company in COVID-19 diagnostic kits, the stock price is significantly pushed up amid concerns over vaccine side effects and news of a free stock dividend.

As of 2:16 PM on the day, Seegene is trading at 172,700 KRW, up 32,800 KRW (23.45%) compared to the previous day.

On this day, Seegene announced that it will conduct a free stock dividend, allocating one new share for every one common share. Upon completion of this free stock dividend, 25,991,974 new shares will be added, excluding 242,046 treasury shares, out of the current 26,234,020 issued shares. The record date for the new shares is April 26, and the listing date is scheduled for May 20.

Kim Beom-jun, Vice President of Seegene's Management Support Division, said, “This free stock dividend is part of Seegene's efforts to enhance shareholder value through strengthening shareholder return policies,” adding, “By increasing the number of tradable shares and activating trading, we expect the stock price to better reflect the company's intrinsic value.”