Jusung Engineering: Cancels Spin-Off and Announces Share Buyback Worth 50 Billion Won

• Jusung Engineering announced that it has cancelled its equity spin-off and physical division split plans mainly due to a much larger than expected share purchase requests.

• Jusung Engineering will now buyback 50 billion won worth of shares instead, representing 3.3% of its current market cap.

• Now that the company has cancelled the equity spin-off and physical division split, this is likely to have a positive impact on Jusung Engineering.