Naver to retire $306 mn shares, but stock remains weak

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The story "Naver to retire $306 mn shares, but stock remains weak" was covered 2 hours ago by Korea Economic Daily, a news publisher based in South Korea.

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Naver to retire $306 mn shares, but stock remains weak - Korea Economic Daily

Quick Summary:

South Korea’s leading internet portal operator Naver Corp.will buy back and retire about 400 billion won ($306 million) worth of shares by the end of this year after its stock remained lackluster despite solid business performance throughout this year.

The additional share retirement comes after investors continued shunning Naver shares on concerns over the company’s future growth despite its solid earnings performance.The stock lost 23.9% in the past nine months.

The holding company sold its stake in LY Corp., the operator of Japan’s top mobile messenger app Line, during the latter’s 150 billion yen tender offer designed to beef up the proportion of its tradable shares to 35% or above to stay in the Tokyo Stock Exchange’s Prime Section.