[Edaily Reporter Kim Hyung-il ] Bubang Co., Ltd.(014470), which owns home appliance manufacturer Cuchen as a subsidiary, announced on the 4th that it has decided to cancel 3,000,2620 common shares to enhance shareholder value.
The shares to be canceled are treasury shares previously acquired by Bubang Co., Ltd. The estimated cost of the cancellation is 7.22544 billion won, and the cancellation is scheduled for the 11th.
This cancellation will be carried out in accordance with Article 343, Paragraph 1 of the Commercial Act, by canceling previously acquired treasury stock within the scope of distributable profits. Consequently, there will be no reduction in capital, and only the number of issued shares will decrease.
Bubang Co., Ltd. explained that the scheduled cancellation amount is the book value calculated based on the average acquisition price of the treasury stock as of the date of the board resolution.
Previously, Park Jae-soon, CEO of Bubang Co., Ltd., demonstrated his commitment to responsible management by purchasing 20,000 shares of the company’s stock on the open market last month. At the time, Bubang Co., Ltd. stated that the management’s voluntary purchase of treasury stock demonstrated their commitment to the company’s future growth and enhancing shareholder value.
The shares to be canceled are treasury shares previously acquired by Bubang Co., Ltd. The estimated cost of the cancellation is 7.22544 billion won, and the cancellation is scheduled for the 11th.
This cancellation will be carried out in accordance with Article 343, Paragraph 1 of the Commercial Act, by canceling previously acquired treasury stock within the scope of distributable profits. Consequently, there will be no reduction in capital, and only the number of issued shares will decrease.
Bubang Co., Ltd. explained that the scheduled cancellation amount is the book value calculated based on the average acquisition price of the treasury stock as of the date of the board resolution.
Previously, Park Jae-soon, CEO of Bubang Co., Ltd., demonstrated his commitment to responsible management by purchasing 20,000 shares of the company’s stock on the open market last month. At the time, Bubang Co., Ltd. stated that the management’s voluntary purchase of treasury stock demonstrated their commitment to the company’s future growth and enhancing shareholder value.
