[Click eStock] "Hanssem, Increased Likelihood of Expanding Shareholder Return Policy"

Researcher Sangheon Lee of Hi Investment & Securities stated on the 18th that regarding Hanssem, "Due to improvements in the treasury stock system and corporate value-up programs, there is a high possibility of expanding shareholder return policies such as treasury stock cancellation and high dividends."

In January 2022, Hanssem's largest shareholder, Cho Chang-geol, along with related parties, sold 6.52 million shares (27.7%) to IMM PE (Haim Limited Liability Company, Haim No.1 Limited Liability Company, and Haim No.2 Limited Liability Company) for 1.44 trillion KRW. One of the factors enabling such a high management premium was analyzed to be the 26.7% treasury stock held by the company.

Researcher Lee said, "Ultimately, the previous treasury stock purchases effectively transferred shareholders' profits to the largest shareholder," adding, "As a result, IMM PE became able to utilize the treasury stock in various ways."

Between January and June 2022, after IMM PE acquired management rights, they purchased treasury stock three times, spending 180.2 billion KRW. During this period, Hanssem bought approximately 1.4 million shares of treasury stock at an average purchase price of about 77,000 KRW per share. Under these circumstances, in March of last year, IMM PE secured 1,818,182 shares through a public tender offer at 55,000 KRW per share, increasing their stake by 7.7% to reach 36%.

Researcher Lee pointed out, "74,4881 shares of treasury stock participated in this public tender offer," and criticized, "Strengthening control by utilizing treasury stock acquired based on distributable profits rather than the controlling shareholder's own costs causes an agency problem between controlling shareholders and minority shareholders."

He added, "Under these circumstances, canceling the currently held 29.5% treasury stock would produce a definite corporate governance improvement effect and could increase corporate value."