AXT to retire 2.9 billion won worth of shares

Ajinextek (AXT) will retire 2.9 billion won worth of ordinary shares to increase shareholders’ share value, the company said on Monday.

It accounts for about 5.67% of issued shares and they are treasury stocks. It is 394,261 shares and will be retired on July 27.

There will be no capital decrease from the move, AXT said.

The company posted 398 million won in operating profit and 4.796 billion won in sales in the first quarter of the year. It is a rise of 184.3% and 12.5%, respectively.

AXT offers general-use motion control technology for mobile, semiconductor, display, battery and robotics industry.