Hanssem, a comprehensive home interior company, disclosed that it will acquire treasury shares worth 50 billion won. The move appears to reflect an intent to enhance shareholder value over the mid to long term, based on the view that the current share price undervalues the company's potential and intrinsic business value.
According to the Financial Supervisory Service's electronic disclosure system on the 9th, Hanssem announced a mid- to long-term shareholder return policy that includes: ▲ entering into a trust agreement to buy back treasury shares totaling 50 billion won ▲ setting a target shareholder return ratio of at least 50% ▲ setting June 30 as the record date to confirm shareholders for second-quarter dividends.
Hanssem plans to newly acquire treasury shares totaling 50 billion won through Shinhan Investment & Securities by December. The treasury shares currently held and the new purchases will, in principle, be canceled in accordance with the recently amended Commercial Act and the Financial Investment Services and Capital Markets Act and other relevant laws.
It also set a new indicator for shareholder returns that combines cash dividends and share buybacks, presenting a goal to return at least 50% of separate adjusted net income. The record date to confirm shareholders for second-quarter cash dividends is set for the 30th. However, the scheduled dividend payment date and dividend per share are undecided.
A Hanssem official said, "We will continue to practice responsible management that puts shareholder value first and to communicate consistently with the market."