Samjin pharm announced on the 18th that it decided to cancel 14.6 billion won worth of treasury shares to enhance shareholder value.
A treasury share cancellation is, literally, buying back a company's own shares and eliminating them. As the number of shares circulating in the stock market decreases, the per-share value rises.
The shares to be canceled are 580,000 common shares, equivalent to 4.17% of the total number of issued shares and 46.7% of its treasury shares. The scheduled cancellation date is on the 25th. Once the cancellation is completed, the company's treasury shares will decrease from 1,242,225 shares (8.94%) to 662,225 shares (4.97%).
The company said, "This cancellation uses previously acquired treasury shares, so only the number of issued shares will be reduced without any decrease in capital."