Hanyang Securities Declares 950 Won Dividend per Common Share: "Enhancing Corporate Value Like Meritz"
Hanyang Securities has decided on a dividend of 950 KRW per common share. It also confirmed its policy to enhance shareholder value.
On the 31st, at the 70th regular general meeting of shareholders held at its headquarters in Yeouido, Seoul, Hanyang Securities finalized this dividend proposal and the appointment of a new auditor.
The dividend was set at 950 KRW per common share (a dividend yield of 7.4%). Preferred shares will receive 1,000 KRW per share (a dividend yield of 7.2%). Jo Jang-gon was appointed as the new auditor for a one-year term. Auditor Jo previously served as the lead attorney at POES Joint Law Office and as the lead attorney at Law Firm Yeoyul.
Additionally, the 70th financial statements approval proposal was also passed at this general meeting. Hanyang Securities reported an operating profit of 54.4 billion KRW and a net profit of 38.8 billion KRW for the previous year (consolidated basis).
CEO Lim Jae-taek responded to shareholders' questions about plans to enhance shareholder value by stating, "We will refrain from efforts solely aimed at boosting the stock price," and added, "The expansion of the company's intrinsic value must go hand in hand." This is interpreted to mean that, having achieved over 10% operating profit growth for three consecutive years despite an unfavorable market environment for small and mid-sized securities firms, the company aims to become a steadily upward-trending enterprise in the long term through differentiated systems and franchise value enhancement.
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In particular, CEO Lim expressed his determination to gain market recognition as a new type of platform by citing the example of Meritz Financial Group. He emphasized, "Meritz Financial Group's price-to-book ratio (PBR) exceeds 2, which far surpasses the securities industry's average," and "we aim to be recognized as a new platform in the market in the long term."
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