SKT completes listing of changes reflecting the cancellation of 8.69 million treasury stocks

SK Telecom announced on the 14th that it has completed a revised listing reflecting the retirement of 8.69 million treasury stocks (10.8% of the total number of issued stocks) on the Korea Exchange. As of the 13th, SK Telecom’s total number of outstanding shares decreased from 80.75 million to 7206 million.

SK Telecom announced on the 4th that prior to the spin-off this year, virtually all of its existing treasury stocks were to be canceled to enhance corporate and shareholder value.

As the total number of outstanding shares decreased due to the cancellation of treasury shares, all existing shareholders’ stakes rose. Considering the overall view of the securities industry that the company’s corporate value will rise after the spin-off, it is analyzed that the stock value has more upside than before the retirement of treasury stocks as only the number of stocks has decreased without any change in corporate fundamentals.

SK Telecom’s market capitalization as of the 13th, despite a decrease in the total number of issued stocks, was about 22.5 trillion won, an increase of about 10% from the market capitalization of about 20.5 trillion won on March 25, when the corporate restructuring was officially announced at the general shareholders’ meeting. .

SK Telecom’s current share price also rose more than 30% from the closing price of 237,000 won on Jan. 4 to 31,2500 won on May 13 due to market expectations for a rise in corporate value after the spin-off.

In addition, HSBC Global Research raised its target price to KRW 474,000 on the 12th.

An official from SK Telecom said, “We will complete the division of people through a board resolution in the first half of this year, through a general shareholders meeting in October and relisting in November.” In addition, he said, “We will continue to firmly maintain our shareholder-friendly management stance even after the split, including the implementation of quarterly dividends at the end of the second quarter.

Reporter Lee Ho [email protected]


Source: 전체 – 넥스트데일리 by www.nextdaily.co.kr.

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