306,375 shares to be canceled Thursday, representing 2.7% of total outstanding

Soop headquarters [Soop]
Soop headquarters [Soop]

Soop will cancel treasury shares worth 18.9 billion won ($13.9 million), following an earlier share buyback by its executives, as the streaming platform doubles down on enhancing shareholder value.

Soop said Monday that its board met Friday and voted to cancel 306,375 treasury shares.

The shares, valued at approximately 18.9 billion won on the books, are set to be canceled Thursday. The shares subject to cancellation represent about 2.7 percent of the company's total outstanding shares.

The cancellation will reduce Soop's total number of issued shares. The company said its paid-in capital will remain unchanged, as the shares being retired were acquired from distributable earnings.

Soop said the cancellation is part of its broader effort to strengthen shareholder returns. Senior executives had earlier purchased shares on the open market in June to signal their commitment to responsible management. At the time of its second-quarter earnings announcement, the company also said it would finalize plans for utilizing its treasury shares before the end of the year. The latest cancellation follows through on that commitment.

In addition, Soop has outlined a policy to pay out more than 25 percent of consolidated net profit for the period as cash dividends annually over the next three years.

The company said it aims to enhance shareholder value and secure a foundation for future growth, while expanding core businesses including service improvement and revenue structure optimization.

"This treasury share cancellation is a decision made to return value to shareholders and enhance shareholder value," a Soop official said. "We will strengthen responsible management and communication with the market, and solidify the growth foundation of our core platform business."


chami@heraldcorp.com