[Featured Stock] SK Chemicals Rises 6% on Decision to Cancel 50 Billion KRW Worth of Treasury Shares

[Asia Economy Reporter Myung-hwan Lee] SK Chemicals is showing a rise of over 6% in the market on the morning of the 29th. This is attributed to the decision made the previous day to cancel treasury shares worth 50 billion KRW.

As of 9:57 AM, SK Chemicals is trading at 101,500 KRW, up 6.95% (6,600 KRW) from the previous trading day.

SK Chemicals announced the day before that it decided to cancel 389,489 treasury shares previously acquired. The scheduled cancellation amount is 49.9826 billion KRW.

SK Chemicals explained, "The share cancellation is the cancellation of treasury shares previously acquired within the scope of distributable profits by resolution of the board of directors," adding, "There is no reduction in capital stock."

The cancellation of treasury shares is perceived as positive for the stock price because it reduces the number of circulating shares, thereby increasing the value of existing shareholders' equity.

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