Philoptics announced on the 14th that it held a board meeting and resolved to pay dividends in kind and cash, as well as to cancel treasury shares. This is part of the shareholder return policy announced last year, amounting to a record total of 29.5 billion KRW. The dividend alone corresponds to a market dividend yield of approximately 12.5%.
On the same day, Philoptics resolved to pay shareholders 0.068 shares of Phil Energy stock per share held (68 shares of Phil Energy stock per 1,000 shares) as a dividend in kind based on the previous fiscal year-end. As promised during the initial public offering (IPO) of its subsidiary Phil Energy, the total number of dividend shares reflects a bonus issue and amounts to 1,125,000 shares, valued at approximately 20 billion KRW. Major shareholders, related parties, and treasury shares are excluded from the dividend recipients.
Additionally, the company approved the financial statements for last year and resolved to pay a cash dividend of 126 KRW per common share, totaling approximately 2.9 billion KRW. Philoptics plans to return part of the company’s profits to shareholders by distributing 15% of net income on a separate basis as cash dividends.
The dividend-related matters will be subject to final approval at the regular shareholders’ meeting scheduled for the 28th of next month and are expected to be paid to shareholders in April.
Meanwhile, at the board meeting, it was also resolved to cancel all 613,281 treasury shares, which represent 2.63% of the total issued shares. The cancellation amount is approximately 6.2 billion KRW based on the book value of the acquired shares.
A Philoptics official stated, “Through this board resolution, the shareholder return measures promised earlier have all been realized, including the interim dividend last year. Going forward, we plan to continuously maintain a dividend payout ratio of 15% of net income and 50% of dividends received from subsidiaries.”
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