APR to Cancel All Treasury Shares Worth 60 Billion KRW... "Enhancing Shareholder Value"

by Lee Myeonghwan

Published 08 Jan.2025 10:51(KST)

All 884,335 Treasury Shares Held to Be Cancelled... Equivalent to 2.32% of Issued Shares

APR will cancel all treasury shares worth approximately 60 billion KRW acquired last year to enhance shareholder value.

APR announced on the 8th that it will cancel all 884,335 treasury shares it holds. These treasury shares were acquired by selecting NH Investment & Securities as the trustee under the treasury stock acquisition trust contract announced on June 24 last year. At that time, APR stated that the acquisition of treasury shares was decided with the purpose of stabilizing the stock price and maximizing shareholder value.

APR logo.

The amount of treasury shares to be canceled this time corresponds to 2.32% of the total issued shares. The average acquisition price per treasury share was 67,784 KRW, totaling approximately 60 billion KRW.

Following this share cancellation, APR's total issued shares are expected to decrease from the existing 38,125,890 shares to 37,241,555 shares, with the cancellation scheduled for the 24th. APR's treasury share cancellation was finally decided on this day through a board resolution.

APR explained that this treasury share cancellation decision is part of its corporate value-up and shareholder value maximization policy. In the shareholder return policy execution plan announced in July last year, APR stated that from 2024 to 2026, it plans to use more than 25% of the adjusted consolidated net income each year for cash dividends, treasury share purchases, and cancellations.

By actually canceling treasury shares after repurchase, the total number of issued shares decreases, which can relatively increase the value of shares held by shareholders.

An APR official said, "This treasury share cancellation is part of an active shareholder return policy, and we will continue to strive for sustainable growth and maximizing shareholder profits." He added, "This year as well, we plan to continue sustainable growth by strengthening the competitiveness of our core product lines and maintaining growth momentum in overseas markets."