[Featured Stock] Dongwon Industries Surges Over 20% Following Decision to Burn All Treasury Shares
Dongwon Industrial, the business holding company of Dongwon Group, is soaring after deciding to burn all its treasury shares.
At 1:38 PM on the 16th, Dongwon Industrial was trading at 38,300 KRW, up 21.78% from the previous trading day.
On the same day, Dongwon Industrial held a board meeting and resolved to cancel 10,460,770 common treasury shares. The cancellation amount is approximately 329 billion KRW based on the closing price on the 15th, and the cancellation record date is set for May 2. Following the stock cancellation decision, the total number of issued shares will decrease from 46,482,665 to 36,021,895 shares.
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Dongwon Industrial announced last August that it would cancel 3.5 million treasury shares, equivalent to 7% of the total issued shares, and planned to gradually cancel the remaining treasury shares over the next five years. Now, to enhance shareholder value, it has decided to cancel all remaining shares at once.
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