KT Announces Buyback Cancellation for the First Time in 14 Years... Announces Cancellation of Shares Worth 100 Billion KRW

Cancellation of Approximately 3.25 Million Treasury Shares Worth 100 Billion KRW
First Treasury Share Cancellation Since 2009
KRW 300 Billion Treasury Share Buyback Since February

KT announced on the 10th that it has decided to cancel 3,251,048 treasury shares. The value of the canceled shares is approximately 100 billion KRW. This is KT's first treasury stock cancellation in 14 years.

Earlier, KT purchased treasury shares worth 300 billion KRW through Shinhan Investment Corp. starting in February. This was KT's first treasury stock purchase in four years. The shares being canceled this time are part of the shares acquired through this purchase.

Treasury stock cancellation is part of the shareholder return policy. When a company cancels issued shares, the total number of issued shares decreases. This increases the value per share, thereby enhancing shareholder value. As of the 10th, KT's stock price is 31,900 KRW. The closing price one year ago, on August 10, 2022, was 38,450 KRW. The current price is about 20% lower than a year ago. While the stock price is sluggish, the company's performance is relatively strong. In the second quarter, sales were 6.5475 trillion KRW, and operating profit was 576.1 billion KRW, representing increases of 3.7% and 25.5%, respectively, compared to the same period last year.

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