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[Alpha Biz=(Chicago) Reporter Kim Jisun] Zinus, a furniture and mattress company affiliated with Hyundai Department Store Group, said on the 6th that it will incinerate its own shares to enhance shareholder value.
Zinus will buy 237,972 treasury shares in the market by the 29th of next month. A total of 475,944 shares, including those purchased, will be incinerated within April. It is about 2.3% of the total number of shares issued.
Zinus explained that it decided to buy and incinerate its own shares to enhance corporate value and shareholder value in the face of lingering internal and external uncertainties such as a contraction in the global bedroom furniture market. Afterwards, the company plans to actively promote various shareholder return policies to increase undervalued corporate value.
Zinus's operating profit last year was 18.3 billion won, down 72% from the previous year. Sales (952.3 billion won) and net profit (5.3 billion won) decreased by 17.8% and 81.9%, respectively.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
