OCI to buy back shares worth 88 bln won

SEOUL, Sept. 28 (Yonhap) -- OCI Co., South Korea's leading polysilicon manufacturer, said Wednesday that it plans to buy back 400,000 shares worth 88 billion won (US$75.3 million) in the next three months starting Sept. 29. In a regulatory filing, the company said it will cancel them, which will help boost the value of the remaining shares. Shares of OCI fell to the lowest price in 16 months on the Seoul bourse on Wednesday on concerns over the company's profit outlook. Prices of polysilicon used in solar panels and solar cells have dropped sharply as of late in the wake of the global economic downturn. The shares closed at 194,500 won, down 12.39 percent from Tuesday's close, after falling as low as 19,100 won during intraday trading.