KT&G disclosed on the 16th that it has decided to cancel all 10,866,189 shares of its treasury stock. The planned cancellation amount is about 1.8515 trillion won, and the scheduled cancellation date is on the 23rd.
A KT&G official said, "To actively reflect the spirit of the revised Commercial Act, we plan to cancel all previously held treasury shares," adding, "Going forward, we will work to enhance corporate value and shareholder value through measures such as strengthening dividends based on earnings growth."
Earlier, on Feb. 25, when the third amendment to the Commercial Act was passed, KT&G immediately convened a board meeting and announced its plan to cancel treasury shares.
At the annual general meeting of shareholders held on the 26th of last month, KT&G President Bang Gyeong-man said, "We will thoroughly implement a shareholder-centered capital allocation principle," and added, "We will actively carry out shareholder return policies such as strengthening dividends and buying back and canceling treasury shares, and fulfill our responsibilities as a leading representative corporations spearheading the Korea Value-up initiative."