The Completion of Stock Repurchase Program
We have completed our stock repurchase plan, under which 3,566,100 shares were repurchased. The stock repurchase program, which took place through the Korea Stock Exchange from May 2nd to June 28th, covered 4% of the outstanding common shares of the Company. The 3,566,100 shares were repurchased at a weighted average price of KRW 221,215 per share and the cost of the purchase was KRW 788.9 billion.
Moon Soo Pyo, President and CEO of SKT said, “Despite many unfavorable external factors in the market such as asymmetric regulation issues and the recent weight reduction of SKT in MSCI, we managed to support our share price through this program. We believe that the stock repurchase measure reduced the excess supply of our stock and provided a basis for possible upward resilience in a bullish market.” He also added, “The Company’s free cash flow was used to improve ROE. We will consider buying back more shares should it prove to be advantageous to both our shareholders and the company itself.”
The Company intends to hold shares repurchased as treasury shares and will be using these shares for the exchange of Shinsegi Telecomm’s share in the upcoming merger scheduled in January 2002.
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