Hanmi Group said on the 16th it will place on the agenda of this regular shareholders meeting a plan for Hanmi Science, Hanmi Pharmaceutical and JVM to cancel 70% of their respective treasury shares and use the remaining 30% for employee compensation.
The disposal amounts are 640,409 shares for Hanmi Science, 121,880 shares for Hanmi Pharmaceutical and 552,903 shares for JVM, with the combined cancellation amount for the three companies totaling 76.6 billion won.
Hanmi Science will cancel 448,286 shares (0.66%) out of its 640,409 treasury shares and use 192,123 shares for employee stock compensation.
Hanmi Pharmaceutical will cancel 85,316 shares (0.67%) out of 121,880 shares and use 36,564 shares as a compensation pool.
For JVM, the plan applies to 552,903 common shares, equivalent to 4.57% of total shares outstanding. Of these, 387,032 shares (3.2%), or 70%, will be canceled, and the remaining 165,871 shares, or 30%, will be used for employee stock compensation.
Kim Jae-gyo, CEO of Hanmi Science, said, "This treasury share cancellation aims to return tangible rewards to shareholders based on market trust and to achieve sustainable, stable management in line with changing new Commercial Act rules."
The plan to cancel and dispose of treasury shares will be finalized through future board resolutions after related items are placed on the agenda and approved at each company's regular shareholders meeting on the 31st.