SK Telecom (NYSE:SKM, hereinafter referred to as \u201cSKT\u201d) today held a Board of Directors\u2019 meeting and decided to cancel its treasury shares to boost shareholder value.<\/p>\n
It will cancel 8,685,568 shares (worth KRW 2.6 trillion based on the closing price of its stock on May 3, 2021) which is equivalent to around 10.8% of the total number of issued shares. The scheduled date for the treasury stock cancellation is May 6, 2021.<\/p>\n
After the cancellation, the total number of issued shares will decrease from 80,745,711 to 72,060,143, and the company will be left with only 900,000 treasury shares.<\/p>\n
The treasury stock cancellation generally pushes up the value of stocks by reducing the number of outstanding stocks.<\/p>\n
With today\u2019s decision, SKT reaffirms its commitment to enhance corporate and shareholder value. It also shows that the company is actively pursuing a shareholder-friendly policy in line with the SK Group\u2019s environmental, social and corporate governance (ESG)-centered management.<\/p>\n
SKT will use its remaining treasury shares for diverse employee compensation programs including stock options to increase corporate value by inviting employees to become its shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"
SK Telecom (NYSE:SKM, hereinafter referred to as \u201cSKT\u201d) today held a Board of Directors\u2019 meeting and decided to cancel its treasury shares to boost shareholder value. It will cancel 8,685,568 shares (worth KRW 2.6 trillion based on the closing price<\/p>\n","protected":false},"author":2,"featured_media":632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[117,250,251],"class_list":["post-1135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-sk-telecom","tag-stock","tag-treasury-stocks"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/posts\/1135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/comments?post=1135"}],"version-history":[{"count":1,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/posts\/1135\/revisions"}],"predecessor-version":[{"id":1139,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/posts\/1135\/revisions\/1139"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/media\/632"}],"wp:attachment":[{"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/media?parent=1135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/categories?post=1135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.sktelecom.com\/en\/wp-json\/wp\/v2\/tags?post=1135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}