Kakao Games Corp. Accelerates Shareholder Returns... Management Buys 500 Million Won Worth of Treasury Shares

[Financial News] Kakao Games Corp. will convert about 1.54 trillion won in capital reserves into retained earnings and use the funds for mid- to long-term shareholder returns. The company's management has also bought about 500 million won worth of treasury shares to enhance shareholder value.
Kakao Games Corp. said on the 24th that it held an extraordinary general meeting of shareholders at the Kakao AI Campus in Yongin-si, Gyeonggi Province, and approved the agenda items on the retention and disposal of treasury shares and on covering accumulated losses and transferring capital reserves to retained earnings.
Under the decision, Kakao Games Corp. will reduce capital reserves by about 1.54 trillion won and transfer the amount to retained earnings. The company plans to use the funds to carry out its mid- to long-term shareholder return policy.
Following the cancellation of 500,000 treasury shares last month, the company has also decided how to use the remaining roughly 350,000 shares. Kakao Games Corp. will use them for its Restricted Stock Unit (RSU) program for employees.
Kakao Games Corp. plans to reflect mid- to long-term business performance, corporate value and shareholder value in the RSU grant criteria. Specific details will be finalized later by the board of directors.
Meanwhile, Kakao Games Corp.'s management has begun buying treasury shares. Co-CEOs Kim Tae-hwan and Lee Si-woo, along with Chief Financial Officer Shin Kwon-ho, purchased a total of about 500 million won worth of Kakao Games Corp. shares. The company said the management's purchase of treasury shares reflects responsible management centered on shareholders.
Lee Si-woo, CEO of Kakao Games Corp., said, "We will continue to pursue shareholder return policies over the mid to long term while seeking the joint growth of shareholder value and corporate value."
 
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