SOOP (067160) said in a filing on Friday that it will cancel 306,375 treasury shares on September 10. The block equals 2.67% of the company's current 11,494,767 shares.
The company already owns the shares. It reported a book value of ₩18.92 billion for the block and said the cancellation is intended to improve shareholder value.
SOOP's board approved the action on September 4. Three outside directors attended, and none was absent. The completion date may change with administrative procedures.
The disclosed book value equals about 4.3% of SOOP's ₩0.4 trillion market capitalization at Friday's close.
The cancellation uses treasury stock acquired from distributable profit. Under the cited Commercial Act provision, the share count falls but stated capital does not change.
SOOP will have 11,188,392 shares after the cancellation.
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| Symbol | Last Price |
|---|---|
| 067160SOOP Co., Ltd. | ₩38,050 +0.9% |