DYC Decides to Cancel 460,000 Treasury Shares, More Than 50% of Shares Acquired
DYC, a company specializing in precision components, announced on October 15 that it had decided to cancel 468,573 shares of its treasury stock, according to a regulatory filing.
The cancellation is valued at more than approximately KRW 580 million, representing over 50% of the total shares acquired through a treasury stock trust agreement. In June, DYC entered into a trust agreement to acquire approximately KRW 1 billion worth of its own shares to enhance shareholder value and stabilize its stock price.
The cancellation is scheduled for October 23. Once completed, DYC's total number of issued shares is expected to decrease to 21,454,029. The approximately 330,000 treasury shares remaining after the cancellation are set to be used to fund its restricted stock unit (RSU) program.
In its core automotive parts business, DYC supplies key powertrain components to global automakers and is expanding its customer base and the range of vehicle models it serves. In addition to the Big Three North American automakers and major European automakers, it recently secured an order for parts for Volvo.
Its defense business, conducted through its subsidiary DYC Dynamics, which specializes in precision metal processing, is also emerging as a new growth driver. DYC Dynamics manufactures and supplies key components for munitions and precision-guided weapon systems to major domestic defense companies. Alongside its subsidiaries, DYC is also broadening the applications of its precision machining technology in advanced industries of the future, including aerospace and robotics.
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A DYC representative said, "We decided to cancel treasury shares to share the company's achievements with shareholders and enhance shareholder value, building on growth in our core business and new businesses. We will respond to our shareholders' trust by achieving sustained earnings growth and enhancing corporate value, expanding our global customer base in the automotive business while securing new growth drivers in high-value-added advanced industries, including defense."
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