SK Corp. Decides to Repurchase Treasury Shares Equivalent to 1% of Market Capitalization
On the 31st, SK Inc. held a board meeting and announced that it resolved to enter into a trust contract for the repurchase of treasury shares worth 120 billion KRW to enhance shareholder value. This amount is approximately 1% of the market capitalization, and the treasury shares acquired through the trust contract will be entirely canceled after the contract ends, subject to separate board approval.
This treasury share repurchase is part of the shareholder return policy. At the regular shareholders' meeting in March last year, SK Inc. announced that it would repurchase treasury shares worth more than 1% of the market capitalization annually in addition to the basic dividend until 2025.
Accordingly, in the board meeting held in March this year, SK Inc. also decided to cancel all treasury shares repurchased last year to enhance shareholder value. The canceled shares amounted to 951,000 common shares, and the cancellation was completed in April.
SK Inc. is also committed to board-centered management and enhancing shareholder rights. As a leading ESG company, SK Inc. received an 'A+' rating for three consecutive years in the comprehensive ESG evaluation conducted by Korea Corporate Governance Service (KCGS), a leading domestic ESG evaluation agency, on the 27th. The A+ rating was awarded to only 2.4% of all evaluated companies. Additionally, in 2022, SK Inc. obtained the highest rating of ‘AAA’ in ESG management evaluation from the global ESG rating agency Morgan Stanley Capital International (MSCI), and was included in the Dow Jones Sustainability Index (DJSI) World index for 11 consecutive years, as announced by S&P Global.
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Lee Sung-hyung, CFO (Chief Financial Officer) of SK Inc., said, "Although financial market uncertainties continue, we decided to repurchase treasury shares to enhance shareholder value," adding, "We will continue to implement shareholder return policies steadily to be recognized as a trusted company by our shareholders."
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