Hanjin will cancel all of its treasury shares as part of its shareholder return policy, aiming to increase per-share value and enhance shareholder value.
The company said Tuesday that its board had approved the cancellation of 478,401 common shares, equivalent to 3.07 percent of its total issued shares. The shares have a book value of 19.99 billion won (about $14 million).
The shares to be canceled comprise all of Hanjin's treasury stock, including 478,399 shares acquired in 2021 to stabilize its stock price and two fractional shares resulting from a reverse stock split.
The cancellation will be carried out under Article 343, Paragraph 1 of the Commercial Act. It will not reduce the company's capital, but will cut the total number of issued shares from 15,566,499 to 15,088,098.
Hanjin expects the move to improve per-share value indicators and deliver tangible benefits to shareholders.
The company also said the decision aligns with the government's corporate value-up initiative, which encourages companies to cancel treasury shares.
"This decision is aimed at strengthening market confidence and delivering tangible improvements in shareholder value," a Hanjin official said. "We will continue efforts to enhance corporate value and pursue shareholder-friendly management."
in INDUSTRY
