Mgame (CEO Kwon Yi-hyeong) announced on September 26 that a board meeting with important content has been held.
Accordingly, Mgame Korea decided to sign a trust contract to repurchase treasury shares worth 3 billion won with the aim of stabilizing stock prices and enhancing shareholder value.
The size of the treasury share repurchase is determined within the available dividend limit based on the separate financial statements for 2021. The repurchase of treasury shares is done through a trust contract with a securities company, The contract performance period is 6 months from today to March 26, 2023.
Contracting organization is DB Financial Investment. The number of treasury shares worth 3 billion won repurchased by the company through a trust contract was 490,339 shares as of the closing price one day before the board’s resolution, representing 2.55% of the total. issued shares.
Regarding the decision to buy back treasury shares, Mgame CEO Kwon Yi-hyeong said: “I think the most important thing is to enhance shareholder value while enhancing corporate value through continuous growth. company custom. We will do our best to stabilize stock prices and protect shareholder value.”
In the second quarter of this year, Mgame announced consolidated revenue and operating profit of 12.4% and 20.9% year-on-year respectively, recording year-over-year increase in operating profit in the second quarter of this year. 14 consecutive quarters. This is thanks to the strong growth of China’s ‘bloody online’ industry, despite the off-season, when the number of concurrent users and sales continued to increase year-on-year.
Mgame was known when it cooperated with Vietnam’s Dzogame to launch the Hiep Kha mobile game. The game was released at the end of March 2022 and created a highlight. The game allows players to experience 5 character classes, namely Saber Khac, Sword Guest, Merchant, Cung Kha and Dai Phu with a level limit of 120.
Meanwhile, back in time we see KRG Soft being acquired by Mgame from Inet, which is a successful game maker in 2005. KRG is also quite a popular mid-tier gaming company, having won the Grand Prize. Korean game in 2000. However, since the mid-2000s, all games have not worked stably related to operating costs as well as hacks and cheats that make gamers more and more distant.