Resource-circulation energy corporations DS Dansuk(017860) said on the 12th it decided to cancel all treasury shares it holds.
The amount to be canceled is 105,505 common shares, worth about 2.3 billion won based on the acquisition price. It is about 0.59% of the current 17,759,139 shares outstanding.
The scheduled date for canceling the treasury shares is on the 24th. Once the cancellation process is complete, DS Dansuk's shares outstanding will decrease to 17,653,634.
DS Dansuk's decision aims to remove market uncertainty stemming from holding treasury shares and to strengthen shareholder returns. Canceling treasury shares reduces the number of shares outstanding and can affect the per-share value of existing shareholders.
In particular, the Commercial Act revised in March this year in principle requires companies to cancel treasury shares acquired within one year and, as an exception, allows holding them with approval from the general shareholders meeting, strengthening the relevant rules. DS Dansuk's latest decision is also seen as aligning with the intent of this system.
A DS Dansuk official said, "With this cancellation, there will be no treasury shares held by the company remaining in the market," and added, "We will work to enhance shareholder value while also strengthening the competitiveness of our existing businesses."