In early trading on the 5th, SK Securities is surging 23%. The news of a treasury share cancellation and a reverse stock split is seen as boosting investor sentiment.
As of 9:54 a.m., SK Securities is trading at 1,838 won, up 353 won (23.77%) from the previous session on the Korea Exchange.
The previous day, SK Securities disclosed it will cancel 10 million common shares worth 18.2 billion won and conduct a reverse split to change the par value of its shares from 500 won to 1,000 won. With this reverse split, the number of SK Securities shares outstanding will decrease from 472,590,171 to 236,295,085.
The cancellation is scheduled for the 11th, and stock trading transactions will be halted from the 7th to the 24th of next month for the relisting of the altered share certificates.
These items will be finalized at the regular shareholders meeting on the 24th.