Hansaemk to cancel 9.2 billion won in treasury shares to boost shareholder returns

Hansaemk said July 2 it has decided to cancel treasury shares as part of efforts to enhance shareholder value and strengthen its shareholder return policy.

According to a regulatory disclosure filed that day, the company plans to cancel a total of 667,770 common shares on July 10. The shares slated for cancellation are valued at approximately 9.2 billion won ($5.92 million). The company said the move is intended to reduce the number of shares in circulation, raise per-share value and bolster shareholder returns.

Alongside the share cancellation, Hansaemk said its largest shareholder also plans to purchase shares on the open market. A company official said the cancellation "is part of our efforts to enhance shareholder value and expand shareholder returns," adding that the company "will continue to raise corporate value and strengthen trust with shareholders on the basis of responsible management."