[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 46,550,730,000 won. This amount is calculated based on the closing price of 2,095 won on the 2nd, the day before the board resolution. As of the date of the board resolution, the book value of the treasury shares to be canceled, which the company holds directly, is 29,668,440,000 won.
The shares to be canceled account for approximately 9.7% of the total number of issued shares of 229,808,457 prior to the cancellation. Upon completion of the cancellation, the total number of issued shares is expected to decrease to 207,588,536.
This share cancellation involves the cancellation of previously acquired treasury shares, as resolved by the board of directors, within the scope of distributable profits. 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.
The estimated cost of the cancellation is 46,550,730,000 won. This amount is calculated based on the closing price of 2,095 won on the 2nd, the day before the board resolution. As of the date of the board resolution, the book value of the treasury shares to be canceled, which the company holds directly, is 29,668,440,000 won.
The shares to be canceled account for approximately 9.7% of the total number of issued shares of 229,808,457 prior to the cancellation. Upon completion of the cancellation, the total number of issued shares is expected to decrease to 207,588,536.
This share cancellation involves the cancellation of previously acquired treasury shares, as resolved by the board of directors, within the scope of distributable profits. 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.
