Namyang Dairy Products Cancels Treasury Shares Worth 22 Billion Won…“Shareholder Return Activities to Continue”
Cancellation Targets Shares Acquired in March
Namyang Dairy Products announced on July 15 that it will cancel treasury shares worth 22 billion won.
The company held a board meeting the previous day and decided to cancel 326,553 common shares and 108,851 preferred shares of its own stock. This cancellation pertains to treasury shares acquired through the trust agreement for share buybacks signed in March of this year.
Upon completion of the cancellation, the number of issued common shares will decrease from 6 million shares to 5,673,447 shares, and the number of preferred shares will decrease from 2 million shares to 1,891,149 shares, respectively.
In March, Namyang Dairy Products had announced that it would cancel the treasury shares acquired following its decision to increase dividends and repurchase its own shares worth 20 billion won.
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A representative of Namyang Dairy Products commented, "This cancellation of treasury shares is part of our capital management activities aimed at enhancing shareholder value," adding, "We will continue to implement a variety of shareholder return activities to improve both corporate and shareholder value, based on stable management performance and financial soundness."
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