INTOPS, which faced suspicions of "pressing down the stock price" due to issuing exchangeable bonds (EB) backed by treasury shares, will move to return profits to shareholders by buying back and canceling its own shares.
According to the Financial Supervisory Service's electronic disclosure system on the 15th, INTOPS said it will cancel 735,393 treasury shares (about 17.6 billion won) it held. The cancellation will take place on the 29th.
At the same time, it will also acquire treasury shares. A total of 672,878 common shares (about 13.0 billion won) are the target. The shares are to be acquired at 19,320 won per share.
The company said the purpose of the buyback and cancellation of treasury shares is "stock price stabilization and enhancement of shareholder value."
Previously, INTOPS sparked controversy by structuring the EB issuance so that the company could exercise a call option (purchase right) if the stock price exceeded 130% of the exchange price for a certain period during the process. Critics said it could suppress the stock price because, the moment the price crossed the guideline, investors' chances to realize gains could be entirely stripped away.