Epistar Gains Share Buyback to Support Its Share Price

Epistar has announced to gain a share buyback plan in a bid to support its share price.

Epistar announced Wednesday it would buy back 10 million shares from the open market at a range of NT$51 to NT$76 between Dec. 29 and Feb. 28, 2012. The company said the repurchased shares will be transferred to its employees as an incentive to encourage them to work harder.

As the company has received rush orders and hoped its bottom line would be boosted accordingly for the fourth quarter of this year, other LED makers also steamed ahead amid improved sentiment toward their earnings outlook.

Despite the LED sector appeared active in recent sessions due to bargain hunting, the broader market was moving in a narrow range with foreign institutional investors away from the trading floor due to the upcoming New Year holiday.

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