- The company promoted a 50% free capital increase through the resolution of the board of directors on the 7th and established a mid-term dividend distribution policy
- Strengthened shareholder-friendly management while increasing corporate value through ESG-based growth
SK chemicals announced plans to enhance shareholder value.
SK chemicals (CEO: Jeon Kwang-hyun) held a board of directors meeting on the 7th and announced that the company had decided to strengthen shareholder-friendly management through active shareholder return policies, such as △ execution of free capital increase and △ establishment and announcement of a mid-term dividend distribution policy. The purpose is to enhance shareholders' confidence in the company by increasing investors' predictability of shareholder value and shareholder return along with efforts to increase corporate value through the transformation and growth of its business model based on the company's ESG (Environmental, Social, and Governance) policy.
First, SK chemicals decided to issue a 50% free capital increase. 0.5 new shares are allocated per common share. The number of shares issued (excluding treasury stocks) through this free capital increase is 5,869,384 common stocks and 656,759 preferred stocks, for a total of 6,526,143 shares. After the capital increase, the number of issued shares will be 17,620,780 common stocks and 2,115,429 preferred stocks. SK chemicals plans to use paid-in capital in excess of par value as the financial resources for the free capital increase. The record date for new shares allotment is October 22, and the expected listing date is November 9. Through enhancement of the stock’s liquidity by increasing the number of outstanding shares, the company expects that the stock will be traded smoothly in the market.
Also, SK chemicals established and announced a mid-term dividend distribution policy. SK chemicals plans to use 30% of its separate net income (excluding non-recurring gains and losses) for three years from 2021 to 2023 as a shareholder return fund. The company plans to actively review the introduction of an interim dividend distribution system through an amendment of the Articles of Incorporation.
SK chemicals CEO Jeon Kwang-hyun said, “SKchemicals is striving for growth as a green chemical and pharmaceutical company based on ESG (Environmental, Social, and Governance) policies” and, “SK chemicals plans to effectively protect and enhance shareholder rights and interests along with the growth of the company.”