VT GMP Completes Treasury Stock Cancellation Worth 57 Billion KRW... "Shareholder-Friendly Policy"

[Asia Economy Reporter Hyunseok Yoo] VT GMP, a KOSDAQ-listed company, announced on the 28th that it has completed the cancellation of 5.1 million treasury shares.

The treasury shares canceled this time are 5.1 million shares acquired during the absorption merger with VT Cosmetic in October last year. This corresponds to approximately 13.3% of the total issued shares. Based on the closing price on the 23rd, the amount reaches about 57 billion KRW.

Through this treasury share cancellation, the total number of issued shares of VT GMP will decrease from 38,351,371 shares to 33,246,026 shares as of the 13th of next month. The company stated that as the total number of issued shares decreases, the stake of the largest shareholder, CEO Jeong Cheol, will increase from 21.96% to 25.3%, thereby further strengthening his control.

Since last year, VT GMP has been continuing various shareholder-friendly policies, including ▲expanding the largest shareholder's stake ▲purchasing treasury shares, and now this treasury share cancellation.

A VT GMP official said, “This treasury share cancellation, which amounts to 13.3% of the total issued shares, can be seen as a remarkable dividend effect considering the current interest rate level,” and added, “We will continue to strengthen trust in communication with existing shareholders, create opportunities for that, and at the same time, strive for responsible management to enhance corporate value in various ways by achieving business growth.”