[Edaily Reporter Park Sun-Yeop ] SEOHEE CONSTRUCTION CO., LTD.(035890)announced on the 3rd that it has decided to cancel 22,219,921 shares of treasury stock it had previously acquired in order to enhance shareholder value and restore market confidence.
The estimated cost of the cancellation is 46.55073 billion won. This amount is calculated based on the closing price of 2,095 won on the 2nd, the day before the board of directors’ resolution. As of the date of the board resolution, the book value of the treasury shares held directly by the company and subject to cancellation is 29.66844 billion won.
The shares to be retired account for approximately 9.7% of the total number of issued shares—229,808,457 shares—prior to the retirement. Upon completion of the retirement, the total number of issued shares is expected to decrease to 207,588,536 shares.
This share cancellation involves the cancellation of previously acquired treasury shares, as resolved by the board of directors, within the scope of distributable earnings. Accordingly, only the total number of issued shares will decrease; there will be no reduction in capital stock. The scheduled date for the cancellation is the 15th of this month.