SBI Investment to Cancel All 470,000 Treasury Shares to Enhance Corporate Value
On August 21, Korean venture capital firm SBI Investment announced that it will cancel all of its treasury shares.
SBI Investment's board of directors resolved the previous day to cancel all 470,313 treasury shares currently held by the company. The cancellation amount is approximately 1.108 billion won, and the process is scheduled to be completed on August 27.
The company stated that this cancellation would translate its improved performance and financial structure into an increase in corporate value.
SBI Investment's accumulated deficit decreased from 17.2 billion won at the end of last year to 9.6 billion won at the end of the first half of this year. As the company continues to operate profitably, it is building a solid financial foundation to pursue more shareholder-friendly policies going forward.
The improvement in performance has been driven by management fee income and investment asset recoveries, supported by 1.5 trillion won in assets under management (AUM). In the first half of the year, the company achieved exit results from investments in portfolio companies such as Algenomics and NBR Motion. In addition, companies such as Nearthlab and Younggwang YKMC are preparing for listing on KOSDAQ.
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A representative of SBI Investment commented, "The decision to cancel all treasury shares shows our commitment to continuously enhance our corporate value," adding, "We will further strengthen our investment competitiveness and management capabilities, and increase market trust through stable performance going forward."
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