Lotte Insurance to Buy Back 3 Billion KRW Worth of Treasury Shares... Free Contribution to Employee Stock Ownership Association
Sharing the Fruits of Structural Improvement and Value Enhancement with Executives and Employees
[Asia Economy Reporter Ki Ha-young] Lotte Insurance announced on the 2nd that it will purchase 3 billion KRW worth of its own shares and donate them to the employee stock ownership association.
This free donation through the purchase of treasury shares is intended to share the value enhancement and growth fruits resulting from the company's restructuring after the major shareholder change to JKL Partners with employees, and to increase employees' sense of belonging and morale. Additionally, considering that the current stock price does not properly reflect the company's value and is set low, this is being promoted as part of a shareholder return policy through the purchase of treasury shares.
The stock purchase is expected to be completed soon, and the purchased shares will be mandatorily deposited with Korea Securities Finance within one month and will be subject to a four-year lock-up period.
A Lotte Insurance official stated, "We plan to continue granting company shares to all employees through ongoing treasury share purchases, aligning the interests of employees and the company," and added, "We will ensure that the company's value is properly evaluated in the stock market and protect the interests of minority shareholders."
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- "Why This Bonus Grade?" Civil Servant Who Assaulted HR Employee... Court Rules Demotion Is Justified
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
Meanwhile, since the major shareholder change in October last year, Lotte Insurance has completely revamped its product portfolio based on mid- to long-term intrinsic value, profitability, and growth potential. Furthermore, through organizational slimming and voluntary retirement, it has improved workforce efficiency, reducing labor costs by 36 billion KRW annually, and is enhancing work efficiency through modernization of work methods. Through these efforts, it plans to achieve operating profits of 113.5 billion KRW this year, 142.7 billion KRW in 2021, and 186.7 billion KRW in 2022.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
