Tongyang Inc. (KOSE:A001520) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of own shares pursuant to a contract with Eugene Investment & Securities Co., Ltd. The purpose behind the program is to improve shareholder value and to stabilize stock price. The repurchase program will expire on June 12, 2020. As of December 12, 2019, the company had 35,862,831 treasury shares within scope available for dividend and 63,636 shares in treasury through other repurchase.