[Edaily Reporter Kim Ji-woo ] #Hanwha Machinery & Service Holdings (Hanwha M&S Holdings) will cancel approximately 380 million won worth of treasury stock acquired during a spin-off.

Hanwha M&S Holdings announced that it held a board of directors meeting on the 10th and decided to cancel 34,330 common shares and 7,846 preferred shares. The preferred shares consist of 407 Class 1 preferred shares and 7,439 Class 3 preferred shares. The scheduled cancellation date is the 24th.

The estimated value of the shares to be canceled is 380,518,946 won, which is the accounting book value of the treasury shares subject to cancellation as of the date of the board resolution.

The shares to be canceled are fractional shares that arose during the process of establishing a new holding company through the spin-off of Hanwha Corporation. Fractional shares are shares of less than one share that result from the stock allocation process, and the company acquired them as treasury stock. In accordance with this decision, the entire quantity will be canceled.

Once the cancellation is complete, the number of outstanding common shares will decrease from 84,515,535 to 84,481,205, and the number of outstanding preferred shares will decrease from 23,691,045 to 23,683,199. Only the total number of outstanding shares will decrease; there will be no change in the company’s capital stock.