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Telecommunications & Media

LGU+ to cancel 5.4 million treasury shares, steps up value-up plan

LG Uplus will cancel about 5.4 million treasury shares it bought last year, accelerating its shareholder value “value-up plan.” The company disclosed on April 30 that it will cancel treasury shares with a book value of about 80 billion won on May 15. The cancellation covers all of the roughly 5.4 million shares it had repurchased since last year, equal to 1.26 percent of shares outstanding.

Mobility

Socar to set up autonomous driving unit led by CEO Park Jae-wook

Socar will set up an independent company dedicated to autonomous driving services in May, the firm said on Wednesday. It will spin off a unit aimed at commercialising autonomous driving based on its car-sharing platform capabilities, with an investment size of 150 billion won. CEO Park Jae-wook, who has led the new autonomous driving business since January, will also serve as head of the new entity. Krafton will join as a strategic investor.

Finance

Jeju Bank services to be available at post offices nationwide from May

Jeju Bank customers will be able to use banking services at post office counters without paying additional fees. Korea’s Postal Service said it signed an agreement with Jeju Bank and the Korea Financial Telecommunications and Clearings Institute on the joint use of the post office counter network. Services will start at post offices in Jeju from May and expand to post offices nationwide from September.