Misto Holdings said on the 28th that its board on the 16th approved canceling all treasury shares it holds (about 268.2 billion won) and acquiring an additional 10 billion won in treasury shares.
The shares to be canceled are all treasury shares held by the company, amounting to 11.7% of total shares outstanding. It is the largest treasury share cancellation since Misto Holdings was founded.
Misto Holdings said the cancellation of treasury shares is part of a strategy to enhance long-term shareholder value and strengthen shareholder trust. The aim is to improve capital efficiency and boost earnings per share (EPS) to reinforce the foundation for growth.
Misto Holdings bought 150 billion won in treasury shares in the first half of this year and also approved additional purchases of 20 billion won in September and 10 billion won in December. Last month, it confirmed a special dividend of 940 won per share (a total of 50.4 billion won), extending its dividend stance for a fourth straight year. Including this, cumulative shareholder returns this year total 230 billion won, achieving 46% of the three-year target of 500 billion won in the first year.
Lee Ho-yeon, chief financial officer (CFO) of Misto Holdings, said, "This treasury share cancellation is not aimed at a short-term boost to the stock price, but is a strategic decision to raise the corporations' long-term growth potential and shareholder trust," adding, "We will continue responsible management that puts shareholder value first, based on a solid financial structure and stable cash flow."