Treasury Share Cancellation Revives Sempio Foods Company as Stock Hits Daily Upper Limit

[Financial News] Sempio Foods Company hit the daily upper price limit after deciding to cancel its treasury shares.
On the 10th, Sempio Foods Company closed at 55,700 won, up 29.99%. The stock surged to the daily upper limit at the market open, with buy orders totaling 2.64 million shares.
The previous day, Sempio Foods Company announced that it would cancel 860,332 common treasury shares. The shares represent approximately 29.92% of the company’s 2,875,800 currently issued shares, and the planned cancellation value is 36.95125 billion won. The cancellation is scheduled for the 11th.
Korea Exchange (KRX) suspended trading in Sempio Foods Company shares from 4:17 p.m. the previous day because the cancellation involved more than 10% of the shares. Trading resumed at 9 a.m. that day, but the stock immediately hit the daily upper limit.
Meanwhile, Sempio Foods Company’s affiliate, Sempio Foods Company, also hit the daily upper limit. It opened at 26,900 won, up 15.94% from the previous trading day, and rose to 30,150 won, a 29.96% gain, at around 1:21 p.m.

[email protected] Sang-hyeok Lim Reporter