GS Retail announced on the 26th that it will cancel all 1,279,666 common shares currently held.
GS Retail disclosed, "The 1,279,666 treasury shares were acquired during the absorption merger of GS Home Shopping, which took place on July 1, 2021, the merger date, and represent the treasury shares acquired from the merged company GS Home Shopping."
The method of capital reduction involves the voluntary and free cancellation of only the 1,279,666 shares, and accordingly, there will be no changes to the shares owned by general shareholders, so there will be no procedures for submitting old share certificates or issuing new share certificates.
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GS Retail stated the reason for the capital reduction as "to enhance shareholder value by canceling treasury shares that arose during the GS Home Shopping merger process."
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