[Featured Stock] Naver Rises Ahead of 1.65 Million Treasury Shares Burn
NAVER, which announced its treasury stock cancellation schedule, is on the rise.
As of 9:25 AM on the 1st, NAVER was trading at 190,300 KRW, up 1.55% from the previous trading day.
The day before, NAVER disclosed that it plans to cancel 1,640,491 shares of treasury stock on the 7th. The cancellation amount is approximately 305.3 billion KRW.
This cancellation is part of the shareholder return policy announced by NAVER during its Q1 earnings conference call in May. NAVER stated that over the next three years, it will pay out 15?30% of the average consolidated free cash flow (FCF) of the past two years entirely in cash dividends.
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Additionally, NAVER plans to specially cancel 1% of its currently held 8% treasury stock annually over the next three years, totaling 3%.
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