SK Square to Cancel 106.3 Billion KRW Worth of Treasury Shares
SK Square announced that it has canceled treasury shares worth 106.3 billion KRW, which were purchased from March 30 to June 14 this year using the 2022 ordinary dividend income as the source, on the 4th. The cancellation of treasury shares results in a decrease in the total number of issued shares, leading to an increase in the per-share value of the shares held by existing shareholders.
The treasury shares canceled this time consist of 2,486,535 common shares, accounting for approximately 1.8% of the total issued shares. The effect of the treasury share cancellation takes effect immediately from the 4th. All administrative procedures, including the change of listing on the stock exchange, are expected to be completed around the 16th.
Separately, SK Square recently held a board meeting on August 8 and resolved to additionally purchase treasury shares worth 200 billion KRW following the investment performance of SK Shieldus. Accordingly, from August 9 to September 27, it has cumulatively purchased 1,563,076 treasury shares, currently recording a progress rate of 33.5%.
SK Square is actively implementing the shareholder return policy announced at the shareholders' meeting on March 30. At the shareholders' meeting, it was stated that treasury share repurchases and cancellations or cash dividends would be conducted until 2025 to enhance shareholder value, with the scale of shareholder returns basically set at 30% or more of ordinary dividend income, and that the amount would be further increased when investment performance (Harvest) from portfolio companies is realized.
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Jung Jae-heon, Head of SK Square Investment Support Center, said, “We are actively executing shareholder returns that meet global standards through treasury share repurchases and cancellations,” adding, “We will create a virtuous cycle structure that realizes greater investment performance through new investments and links it to shareholder returns.”
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