Kumho Petrochemical Decides to Cancel Treasury Shares Worth 100 Billion KRW
Kumho Petrochemical announced on the 16th that it has decided to cancel treasury shares to enhance shareholder value. The number of shares to be canceled is 766,633 common shares, and the scheduled cancellation date is the 23rd. The total amount for the cancellation is 99,998,670,000 KRW.
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The company stated, "As the trust contract concluded for the acquisition of treasury shares has expired, 766,633 common shares have reverted to the company, and we have resolved to cancel these shares to enhance shareholder value." Additionally, it added, "The cancellation of treasury shares acquired within the scope of distributable profits is based on the Commercial Act, and there will be no reduction in capital due to this cancellation."
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