Orion Holdings and Orion to Cancel All Treasury Shares
Orion Holdings to Cancel 2,488,770 Shares, Orion 7,344 Shares
Part of Value Enhancement Plan, Cancellation Set for June 23
Orion Holdings and Orion will cancel all of their treasury shares.
On June 16, Orion Holdings and Orion announced that their boards of directors had resolved to cancel 2,496,114 treasury shares.
The shares to be canceled consist of 2,488,770 treasury shares held by Orion Holdings (representing 3.97% of total shares outstanding) and 7,344 treasury shares held by Orion (0.02%).
Based on the closing prices of the previous day, the value of the shares to be canceled amounts to approximately KRW 66.5 billion for Orion Holdings and approximately KRW 1 billion for Orion, totaling around KRW 67.5 billion. The cancellation is scheduled for June 23.
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An official from Orion stated, "This treasury share cancellation is part of the corporate value enhancement plan announced in March and is being carried out to comply with the amended Commercial Act." The official added, "We aim to establish a virtuous cycle where continuous growth results in increased shareholder value."
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