Young Poong decided to incinerate all of its treasury shares and conduct a stock split.
The Young Poong board resolved on the 7th to incinerate all of its treasury shares (6.62%) and reduce the par value per share to one-tenth through a stock split.
Young Poong stated that it will incinerate all of its treasury shares by March next year, but the specific timing and scale of the incineration will be flexibly decided later by the board. The stock split is planned to be completed within the first half of this year. Through the stock split, the par value per share of Young Poong will decrease from 5,000 won to 500 won, and the total number of issued shares will increase proportionally.
Young Poong noted that it intends to enhance shareholder value through its "shareholder return policy."
Previously, institutional investors and minority shareholders requested Young Poong to consistently enhance shareholder returns. Must Asset Management revealed on the 3rd of last month that it holds more than 3% of Young Poong's equity and sent a shareholder proposal to Young Poong demanding the implementation of shareholder-friendly policies such as the incineration of treasury shares and stock split. Three candidates for outside directors were also recommended.
The operating company Conduit of the minority shareholder movement platform Act also sent a letter to Young Poong requesting the shareholder return policy.