Mirae Asset Life cancels 93% of treasury shares to lift shareholder value

Mirae Asset Life Insurance will cancel a large amount of treasury shares to enhance shareholder value.

Mirae Asset Life Insurance said on the 4th that it will cancel all 62.96 million shares, including common shares and convertible preferred shares, excluding 4.7 million treasury shares earmarked for employee compensation.

The cancellation amounts to about 93% of the treasury shares held by the company. Once the cancellation is completed, the total number of shares outstanding of Mirae Asset Life Insurance will decrease by about 31.8% from the current level.

On a common-share basis, a 23.6% reduction is expected to boost shareholder value, including an increase in earnings per share (EPS), the company said.