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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Orion Holdings and Orion Corporation have decided to cancel all treasury shares they currently hold as part of efforts to enhance corporate value.
The two companies announced on June 16 that their respective boards approved the full retirement of treasury shares. The move is part of a broader shareholder value enhancement plan unveiled in March and aligns with revised commercial law requirements regarding treasury share cancellation.
Specifically, Orion Holdings will cancel 2,488,770 shares, equivalent to 3.97% of its total issued shares, valued at approximately 66.5 billion won based on the previous day’s closing price.
Orion Corporation will retire 7,344 shares, representing 0.02% of its total shares outstanding, with a value of about 1 billion won.
The treasury share cancellation is scheduled to take place on June 23.
The decision is expected to improve shareholder value by reducing the total number of outstanding shares and increasing earnings per share.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
