SK Chemicals Decides to Buy Back 50 Billion KRW of Treasury Shares to "Enhance Shareholder Value"

Purchase of 2.2% of Total Issued Shares Starting from the 23rd
All Purchased Shares to Be Burned Upon Trust Contract Termination

Exterior view of SK Chemicals headquarters in Bundang-gu, Seongnam-si, Gyeonggi-do. (Photo by SK Chemicals)

[Asia Economy Reporter Moon Chaeseok] SK Chemicals announced on the 21st that it has decided to enter into a trust contract for the repurchase of its own shares worth 50 billion KRW.

SK Chemicals plans to repurchase shares equivalent to 2.2% of the total issued shares from the 23rd until September 22. An SK Chemicals official stated, "We decided to repurchase our own shares to enhance shareholder value," and added, "The treasury shares acquired through this trust contract will be entirely canceled upon the termination of the trust contract to return value to shareholders."

Previously, SK Chemicals announced a shareholder return policy to determine the total dividend amount at about 30% of the separate net profit for the year (excluding non-recurring gains and losses) and conducted a 50% stock dividend. This year as well, the company is continuing various efforts to enhance shareholder value, including expanding the dividend scale to around 58.8 billion KRW, including special dividends.

According to SK Chemicals' business report for the previous year, disclosed last week, SK Chemicals recorded separate sales of 1.0934 trillion KRW and an operating profit of 82.3 billion KRW for the same period last year.

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