 |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Samsung C&T will hold a shareholders' meeting on the 15th to make a final decision on the retirement of treasury stocks worth about 1 trillion won. It is in accordance with the policy of strengthening shareholder return that was introduced a year ago.
Samsung C&T announced on the 14th that it will finalize its decision to retire its own shares after a shareholders' meeting on the 15th. The date of the capital reduction is April 19, and the date of the change is May 10.
Earlier, Samsung C&T announced on the 31st of last month that it will retire 7,807,563 common shares and 159,835 preferred shares. Preferred stocks are all retired. Common shares and preferred stocks, which have been decided to be retired this time, are expected to be worth more than KRW 1 trillion based on market value.
The decision is based on Samsung C&T's mid- to long-term shareholder return policy released in February last year. At that time, Samsung C&T decided to incinerate all of its treasury stocks over the next five years. The size of the retirement has been decided by the Council every year. It will also maintain a dividend policy based on 60 to 70 percent of dividend income from its affiliates.
Samsung C&T plans to continue to increase shareholder value.
Meanwhile, Samsung C&T recorded annual sales of 41.8957 trillion won and operating profit of 2.8702 trillion won last year. Sales fell 2.9 percent on-year, but operating profit rose 13.5 percent over the same period. In particular, the resort sector posted operating profit of 194 billion won, up 50.4% from a year earlier.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
