APR announced on the 8th that it will completely burn the 60 billion won worth of its own shares acquired last year to enhance shareholder value.
APR disclosed that it will burn all of its 884,335 shares held. The shares were acquired by selecting NH Investment & Securities as the trust institution in accordance with the decision to enter into a stock repurchase trust contract announced on June 24 last year. At that time, APR decided to repurchase its own shares to stabilize the stock price and maximize shareholder value.
The amount of shares to be burned this time corresponds to 2.32% of the total issued shares and is worth approximately 60 billion won. As a result of the share burn, APR's total issued shares will decrease from 38,125,890 to 37,241,555. The burn date is set for the 24th.
APR explained that the decision to burn its own shares this time is part of the 'corporate value enhancement' and shareholder value maximization policy that follows the execution plan announced in July last year. At that time, APR stated that it plans to use more than 25% of the consolidated adjusted net income for cash dividends, share buybacks, and burns each year over three years from 2024 to 2026.
The company noted that executing a share buyback followed by a burn would lead to a reduction in the total issued shares, resulting in an increase in earnings per share (EPS) and net assets per share (BPS), thus improving the value of the shares held by shareholders.
An APR representative said, 'This share burn is part of an active shareholder return policy, and we will continue to strive for sustained growth and maximization of shareholder benefits going forward.'