Proactive step to boost shareholder value

Shinsegae Group Chairman Chung Yong-jin visits E-mart's Jukjeon branch in January. [Shinsegae Group]
Shinsegae Group Chairman Chung Yong-jin visits E-mart's Jukjeon branch in January. [Shinsegae Group]

E-mart announced Thursday it will retire treasury shares worth 75.85 billion won ($56.7 million).

The cancellation covers 577,117 common shares at a par value of 5,000 won per share, with the retirement scheduled for Monday.

Earlier, E-mart unveiled a corporate value enhancement plan in February last year, pledging to cancel 280,000 shares annually through 2026 to strengthen shareholder returns.

The company followed through by retiring 280,000 treasury shares in April last year. The number of shares being canceled this time is more than double that original plan.

With this move, E-mart will have retired 100 percent of its remaining treasury shares.

"We took proactive steps that go beyond our existing cancellation plan in order to enhance shareholder value," an E-mart official said. "We will continue to respond flexibly to changes in the domestic and international environment and sustain our shareholder value enhancement efforts going forward."


spa@heraldcorp.com