- The acquired shares will be eliminated to enhance shareholder value.
SK chemicals has introduced a shareholder return policy through the purchase of treasury stocks worth KRW 50 billion.
SK chemicals (CEO: Jeon Kwang-hyun) announced on the 21st that it had decided to sign a trust agreement to purchase KRW 50 billion worth of treasury stock. SK chemicals plans to purchase 2.2% of the issued shares from the 23rd through September 22nd.
An official from SK chemicals said, “We have decided to repurchase treasury stock to enhance shareholder value,” and “All treasury shares acquired through this trust agreement will be eliminated when the trust agreement is terminated for the benefit of shareholders.”
Last year, SK chemicals announced a shareholder return policy to determine the total amount of dividends at the level of 30% of its separate net profit (excluding extraordinary profits and losses) and implemented a 50% increase of capital stock without consideration. This year, to enhance shareholder value, various efforts have been made, such as increasing the dividend to KRW 58.8 billion, including a special dividend in 2021.
Meanwhile, according to the previous year’s business report of SK chemicals released last week, SK chemicals’ sales last year on a separate basis were KRW 1.934 trillion and operating profit was KRW 82.3 billion during the same period.
