[Edaily Park Jung-Soo Reporter] Global game publisher VALOFE(331520), following strong second-quarter results, is taking steps to promote responsible management and enhance shareholder value through the purchase of company stock by its CEO and key executives.
VALOFE announced on the 24th that CEO Shin Jae-myung and other key executives and employees had purchased the company’s shares on the open market. The company explained that by becoming shareholders themselves, the management and employees are demonstrating their confidence in the company’s sustained growth and corporate value.
According to a recent report on large shareholdings, CEO Shin, the company’s largest shareholder, purchased an additional 97,000 VALOFE shares on the open market. This employee share purchase is an extension of the company’s ongoing efforts to enhance corporate value, including share buybacks and cancellations, as well as strengthened investor relations (IR).
Shareholder returns at the corporate level are also continuing. VALOFE recently acquired 1 billion won worth of treasury stock and has completed the cancellation of the entire amount. The company plans to continue reviewing various shareholder return policies in the future.
A VALOFE official stated, “The purchase of company stock by the CEO and employees demonstrates their confidence in the company’s growth potential and corporate value,” adding, “We are striving to create a virtuous cycle in which we share our achievements with shareholders by strengthening our business competitiveness and enhancing corporate value.”
The official continued, “In addition to the recent purchase and cancellation of treasury stock, we are continuously reviewing various shareholder return policies,” adding, “We will continue to actively communicate with the market and do our utmost to enhance corporate value and shareholder value.”
Financial performance is also on an upward trend. Following a record-breaking first quarter this year, VALOFE recorded cumulative first-half revenue of 23.2 billion won and operating profit of 2.7 billion won, driven by the global performance of *Chaos W* and *Last Origin*. According to the company, it has set new quarterly records for three consecutive quarters.
In the second half of the year, the company is preparing to launch new titles, including the official launch of *Kritika* in Greater China, the new first-person shooter (FPS) game *AVA RE:BIRTH*, titles published by external developers, and its in-house republishing project, *Master of Fantasy*.