Cheil Worldwide to Cancel KRW 280 Billion in Treasury Shares, With an Additional KRW 140 Billion Planned Within One Year

[Financial News] Cheil Worldwide has decided to cancel treasury shares to enhance corporate value and return value to shareholders.
Cheil Worldwide announced that its board of directors met on the 30th and approved a plan to cancel its existing treasury shares and implement shareholder returns.
Cheil Worldwide plans to cancel all 13,762,500 treasury shares it currently holds, equivalent to 12% of its total issued shares. The shares are valued at KRW 280 billion, and the cancellation is scheduled for the 15th of next month.
The company will also pursue measures to enhance shareholder value through additional treasury share purchases and cancellations.
Within one year, it plans to purchase treasury shares worth a total of KRW 140 billion and cancel all of them. As an initial step, it will buy KRW 40 billion worth of treasury shares through open-market purchases from next month through the end of the year.
Cheil Worldwide said in a regulatory filing, "We have decided on a plan to purchase and cancel additional treasury shares to maximize shareholder and corporate value."
[email protected] Kang Myeong-yeon Reporter