Kangwon Land to Buy Back 100 Billion KRW in Shares Over Three Years

Kangwon Land to Buy Back 100 Billion KRW in Shares Over Three Years: COMPANY / Reporter Kim Jisun / 2024-10-11 05:04:23

Kangwon Land building. (Photo=Kangwon Land)

[Alpha Biz= Reporter Kim Jisun] Kangwon Land announced plans to enhance its corporate value by purchasing 100 billion KRW worth of treasury shares over the next three years, from 2023 to 2026.

At the 215th board meeting held via video conference on October 10, between Kangwon Land’s headquarters and its Seoul office, the company’s acting CEO, Choi Cheol-gyu, confirmed this decision as part of its initiative to stabilize the stock price and boost shareholder value.

Kangwon Land will begin by acquiring 40 billion KRW worth of treasury shares within this year, with the total buyback amounting to 100 billion KRW over the three-year period.

In line with its "Corporate Value Enhancement Plan," the company set the following targets: achieving a price-to-book ratio (PBR) of 1.2, reaching a total shareholder return rate of 60%, and fully complying with key corporate governance indicators by 2026. Kangwon Land also became the first public enterprise to participate in the government's "Value-Up Program."

This buyback is expected to improve key financial indicators, such as earnings per share (EPS), dividends per share (DPS), and return on equity (ROE).