Cheil Worldwide to cancel W280b worth of treasury shares Oct. 15

Cheil Worldwide is moving to boost shareholder value by canceling 280 billion won ($206 million) worth of treasury shares and buying back an additional 140 billion won in shares.

The advertising company held a board meeting Wednesday and approved plans to cancel existing treasury shares and carry out a shareholder return program.

Cheil Worldwide plans to cancel all 13,762,500 treasury shares it currently holds — equivalent to 12 percent of its total issued shares — valued at 280 billion won. The cancellation is scheduled for Oct. 15.

Separately, the company will also pursue shareholder value enhancement through additional buybacks and cancellations. It plans to acquire a total of 140 billion won worth of its own shares within a year and cancel all of them. As a first step, it will buy back 40 billion won worth of shares on the open market from Thursday through Dec. 30.