KCC Fully Withdraws Treasury Share Disposal Plan Including EB Issuance
"Decision Reflects Comprehensive Consideration of Business Environment and Shareholder Opinions"
KCC announced on September 30 that it has completely withdrawn its plan to utilize treasury shares.
On September 24, KCC had unveiled a "treasury share utilization plan," which included using 9.9% of its treasury shares-equivalent to 17.2% of its total issued shares-for issuing exchangeable bonds (EB), contributing 3.4% to the in-house employee welfare fund, and canceling the remaining 3.4% of shares.
The decision to use a significant portion of its treasury shares for EB issuance rather than cancellation led to a 17% plunge in KCC's stock price the day after the announcement, reflecting market disappointment.
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KCC stated, "This decision was made to choose a clearer and more stable direction to enhance shareholder value, comprehensively reflecting the company's business environment and shareholder opinions." The company added, "We will continue to prioritize the interests of our shareholders and market trust, and will pursue long-term growth and increased corporate value through transparent and responsible management."
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