Cancellation of 40,269 Treasury Shares
Par Value Reduced from 5,000 Won to 500 Won per Share
"To Promote Stock Trading and Enhance Corporate Value"
On the 9th, Namyang Dairy Products held a board meeting and decided to cancel treasury shares and conduct a stock split. The purpose is to activate stock trading and enhance shareholder value.
Namyang Dairy Products announced a plan to cancel 40,269 treasury shares through a disclosure on the same day. The amount is approximately 23.1 billion KRW. The scheduled cancellation date is the 19th of this month.
Additionally, to increase the number of circulating shares, the par value per share will be split from 5,000 KRW to 500 KRW. Accordingly, common shares will increase tenfold from 679,731 shares (after cancellation of 40,269 shares) to 6,797,310 shares, and preferred shares will increase from 200,000 shares to 2,000,000 shares. If the stock split agenda passes at the shareholders' meeting scheduled for the 25th of next month, Namyang Dairy Products plans to list the new shares on November 20.
This treasury share cancellation and stock split were decided to enhance shareholder value. Namyang Dairy Products plans to actively continue improving shareholder and corporate value going forward.
In June, Namyang Dairy Products announced a plan to purchase treasury shares worth 20 billion KRW to enhance shareholder value.
A Namyang Dairy Products official stated, "As management normalization is becoming visible following the change in management rights earlier this year, we decided on treasury share cancellation and stock split as a demonstration of responsible management and to enhance shareholder value. We will expand various measures to improve shareholder value."
Meanwhile, Namyang Dairy Products ended its 60-year owner system and changed its largest shareholder to Hahn & Company at the end of January. It maintains a leading position in the market with key products such as milk (Mat-issneun Uyu GT), infant formula (I Am Mother), fermented milk (Bulgari), processed milk (Choco Emong), tea (17 Cha), and protein (Take Fit).
Furthermore, through efforts to coexist with dealerships, it was selected as a 'Dealership Companion Company' by the Fair Trade Commission last year. It also continues activities to fulfill corporate social responsibility, such as producing and distributing special infant formula for children with epilepsy and congenital metabolic disorders. In August, it introduced a 'Compliance and Ethics Management Strengthening Reform Plan' to restore trust among shareholders and consumers, making every effort to normalize management.
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