[Edaily Reporter JAEMIN SONG ] LG Innotek will cancel treasury stock worth approximately 1 billion won.

LG Innotek announced on the 22nd that it held a board of directors meeting and decided to cancel 2,600 common shares. The estimated value of the shares to be canceled is 1.0218 billion won based on the closing price on that day, and the cancellation is scheduled for the 29th.

The shares to be canceled are treasury shares that LG Innotek acquired during its past merger with LG Micron. LG Innotek has decided to cancel the treasury shares it previously held via a board resolution, in accordance with the proviso of Article 343, Paragraph 1 of the Commercial Act.

The scale of the cancellation represents approximately 0.011% of the current total number of issued shares, which stands at 23,667,107 shares. Once the cancellation is complete, the total number of issued shares will decrease to 23,664,507 shares.

This cancellation will be carried out by canceling existing shares rather than purchasing new treasury shares. Accordingly, while the total number of issued shares will decrease, there will be no change in the company’s capital.

LG Innotek explained that the scheduled date for the cancellation may be subject to change depending on consultations with relevant authorities.