KakaoBank will cancel 270,000 of its treasury shares, about half of the total it holds. It plans to use the remaining 262,334 shares for employee compensation.
KakaoBank said on Aug. 17 it will cancel 270,000 treasury shares it holds within the legal deadline to enhance shareholder value.
As of June 30, KakaoBank held a total of 532,334 treasury shares. The 270,000 shares to be cancelled account for about 51 percent of its total treasury shares.
The 262,334 treasury shares remaining after the cancellation will be used for employee compensation.
KakaoBank plans to draw up a "treasury share holding and disposal plan" detailing how it will hold and dispose of the shares and seek approval at its 2027 annual general meeting.
A KakaoBank official said, "We will increase shareholder value through the cancellation of treasury shares, and use the remaining shares for employee compensation so that we can contribute to the company’s continued growth and enhancing corporate value."
Ji-young Lee
ljy@d-today.co.kr