Celltrion Holdings to spend $366 mil. to boost corporate value

Celltrion Holdings, the holding company of Celltrion Group, a leading South Korean pharmaceutical conglomerate, said Friday it will purchase 500 billion won ($366 million) worth of Celltrion Inc. shares to bolster the flagship affiliate's corporate value. The holding firm plans to begin buying shares during trading hours in August and complete the purchase within the year, it said in a press release. "This investment in Celltrion shares aims to enhance Celltrion Holdings' profitability, given the affiliate's strong growth potential and increasing dividends," the company said. The move is part of a broader plan to inject up to 1 trillion won to enhance the holding firm's profitability and boost shareholder value at its main affiliate, it added. Celltrion Holdings said it also plans to use part of the funds to acquire a high-value company — either domestic or overseas — as part of efforts to reorganize its business portfolio and transition from a pure holding company into an operating holding firm. Celltrion shares have fallen 8.1 percent this year through Thursday, weighed down by unceWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times