Min&Ji Acquires and Immediately Cancels 4.7 Billion KRW Worth of Treasury Shares as Part of Shareholder-Friendly Policy

[Asia Economy Reporter Hyunseok Yoo] IT service company Min&Ji announced on the 21st that it held a board meeting and decided to acquire 320,000 treasury shares on the market and cancel them as part of its shareholder-friendly policy.

The expected acquisition period is about three months starting from the 27th. The acquisition period may vary depending on consultations with related agencies. The expected acquisition amount is approximately 4.7 billion KRW based on the closing price on the 20th (14,750 KRW per share).

Min&Ji has implemented various shareholder-friendly policies, including cash dividends to shareholders, to enhance shareholder value. This treasury stock acquisition and cancellation is an early implementation of the additional shareholder-friendly policy promised to shareholders earlier this year, beyond existing policies. The cancellation of treasury shares can increase stock value by reducing the number of circulating shares without affecting the capital.

In particular, Min&Ji expects a more immediate effect on enhancing shareholder value by canceling the treasury shares immediately after the acquisition period ends. CEO Hyuncheol Lee of Min&Ji stated, “Along with the annual cash dividend policy, we will continue to protect investor rights through practical shareholder-friendly policies such as this treasury stock cancellation. Based on our unique and differentiated lifestyle-oriented IT services, we will diversify our revenue models and strive to gain trust and recognition from customers and investors through stable risk management.”

Meanwhile, Min&Ji, established in 2009, is a convergence IT service company that provides comprehensive services connecting platforms in various fields such as security, fintech, and payment based on personal authentication information protection services. Recently, the company has been focusing on discovering new growth engines by diversifying new businesses such as mobility platforms and mini-insurance services.