[Edaily Reporter Kim Hyung-il ] Integrated security solutions provider SGA Solutions Co.,Ltd.(184230)will cancel 54,027 shares of treasury stock it previously acquired. This measure is intended to enhance shareholder value by reducing the number of outstanding shares.
SGA Solutions Co.,Ltd. CI. (Photo courtesy of SGA Solutions Co.,Ltd.)
On the 12th, SGA Solutions Co.,Ltd. announced that it held a board of directors meeting and decided to cancel 54,027 common shares. The scheduled cancellation date is the 21st.
The estimated cost of the cancellation is 621.62 million won, which is the book value of the treasury shares to be canceled as of the date of the board resolution. This involves canceling treasury shares the company already held, without acquiring any additional treasury shares.
As a result of this cancellation, SGA Solutions Co.,Ltd.’s total number of issued shares will decrease from 18,887,979 to 18,833,952. The shares to be canceled represent approximately 0.29% of the total number of issued shares.
SGA Solutions Co.,Ltd. explained that this share cancellation is in accordance with the proviso to Article 343, Paragraph 1 of the Commercial Act. Accordingly, while the total number of issued shares will decrease, the company’s capital will remain unchanged.
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