Shares of South Korea’s leading beauty name Amorepacific surged on multiple positive news on top of Wednesday’s announcement on a buyback program to bolster shareholders’ value.

Amorepacific Group said in a regulatory filing on Wednesday that it will purchase 754,148 in own shares, which will cost about 50 billion won ($44.5 million). Amorepacific Corp., manufacturer of beauty and cosmetics products, in a separate regulatory filing said that it will buy 537,635 in own shares worth about 100 billion won. The buyback – which will be made in the market – will take place from February 21 and May 20.

The buyback plan lifted Amorepacific Group and Amorepacific Corp. shares on Wednesday. Amorepacific Group shares closed up 10.71 percent at 73,400 won and Amorepacific Corp. shares 8.6 percent at 202,000 won. Foreign investors were main buyers.

Amorepacific Group’s shares had also surged earlier this week after it announced that it signed a memorandum of understanding with leading health and beauty retailer A.S. Watson that operates 15,000 outlets to boost global strategic partnership.

Amorepacific Corp., meanwhile, announced in a separate filing on Wednesday that it will pay cash dividend of 1,180 won per common share and 1,185 won per preferred share. The dividend yield is 0.6 percent for common shares and 1.2 percent for preferred shares with dividend payouts totaling 81.4 billion won.

Amorepacific Group also said in a filing that it will pay cash dividend of 310 won per common share and 315 won per preferred share. The dividend yield is 0.4 percent for common shares and 1.1 percent for preferred shares. Total dividend payout is 25.9 billion won.

By Chung Hee-young and Lee Eun-joo

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