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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Jisun] Celltrion has decided to retire approximately 3.01 million shares, representing 25% of its treasury stock, in a move aimed at enhancing shareholder value. The company initiated the process on the 4th of December, stating that the buyback and retirement plan is part of its broader shareholder-friendly policies, aimed at stabilizing its stock price and increasing shareholder value.
The total value of the shares to be retired is approximately 562.9 billion KRW, based on the closing price on December 3. This represents 1.4% of Celltrion's total shares outstanding.
After the retirement of these shares, Celltrion’s total number of outstanding shares will decrease from 217,078,554 to 214,066,644. The share retirement is scheduled for January 6, 2025, with a listing change on January 15, 2025.
This share buyback and retirement initiative is aimed at increasing the value of remaining shares, benefiting shareholders by reducing the overall supply of stock.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
