Mirae Asset Daewoo Completes Treasury Stock Cancellation to Enhance Shareholder Value

[Asia Economy Reporter Song Hwajeong] Mirae Asset Daewoo announced on the 17th that it has recently completed the treasury stock repurchase and cancellation process disclosed in March.

The treasury stocks canceled by Mirae Asset Daewoo are 13 million shares purchased with approximately 68 billion KRW from March 23 to June 4. This corresponds to about 2.4% of the outstanding common shares (based on Q1).

Mirae Asset Daewoo carried out the stock cancellation for the acquired shares on the 8th and completed the registration process on the 9th.

The scheduled date for the exchange listing change is the 18th, and after the cancellation, the number of listed common shares will decrease from 658,316,408 shares to 645,316,408 shares.

Mirae Asset Daewoo explained that this treasury stock cancellation was conducted to increase stock value and protect shareholders. Generally, a company's treasury stock repurchase and cancellation reduce the number of circulating shares, which tends to improve stock price trends.

In fact, Mirae Asset Daewoo's stock price has risen more than 70% from the start of the treasury stock repurchase to its completion, showing a positive trend compared to the securities industry index.

Mirae Asset Daewoo is additionally repurchasing treasury stocks worth about 110 billion KRW, totaling 16 million common shares.

They plan to complete the purchase on the stock market within three months by September 7.

This content was produced with the assistance of AI translation services.