Kakao Games said on Aug. 24 that executives including co-CEOs Kim Tae-hwan (김태환) and Lee Si-woo (이시우) bought a total of 500 million won worth of its own shares.

Kakao Games held an extraordinary general meeting of shareholders at the Kakao AI Campus in Yongin, Gyeonggi province, on the day. It approved an agenda item to approve plans to hold and dispose of treasury shares and an item on deficit coverage and transferring a capital reserve to retained earnings.

Under the decision, the company will cut a 1.54 trillion won capital reserve and transfer it to retained earnings. It will use the funds to support future shareholder return policies.

It also plans to use 350,000 treasury shares it holds after cancelling 500,000 shares in July. The company plans to introduce restricted stock units, or RSUs, for employees and use them as operating resources. It plans to finalise details of the RSUs through a future board meeting.

In addition, co-CEOs Kim and Lee and Chief Financial Officer Shin Kwon-ho (신권호) bought a combined 500 million won worth of treasury shares.

"We will pursue the joint growth of shareholder value and corporate value and continue to roll out shareholder return policies over the medium to long term," Lee said.