 |
Photo = Korea Zinc |
[Alpha Biz= Kim Jisun] Korea Zinc, which acquired 2.04 million shares of its own stock through a tender offer last October at 890,000 KRW per share (totaling 1.8 trillion KRW), has announced plans to retire those shares by the end of this year.
As a result, Korea Zinc has revealed a more advanced timeline for the retirement of its treasury shares, and it is expected that the 1.8 trillion KRW worth of shares acquired through the tender offer will be retired within this year.
In a business report filed with the Financial Supervisory Service's electronic disclosure system (DART) on Thursday, Korea Zinc stated that it would retire all 2.04 million shares acquired through the tender offer by the end of this year. The decision to retire the shares was made at the company's board of directors meeting on the 13th of this month.
The board explained, "We hold treasury shares to stabilize the stock price through the tender offer, enhance corporate value, protect shareholder interests, and improve shareholder value through the retirement of treasury shares and their use for employee evaluation and compensation, including the disposal of shares to the employee stock ownership association."
Currently, Korea Zinc holds 2,539,726 treasury shares, of which 80.3%, or 2.04 million shares, were acquired through the counter-tender offer in October last year in response to the management dispute with Youngpoong and MBK Partners.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
