Namyang Dairy Products Decides to Cancel 40,269 Treasury Shares and Implement Stock Split

Namyang Dairy Products announced on the 9th that it held a board meeting and decided to cancel treasury shares and conduct a stock split.

The treasury shares to be canceled amount to 40,269 shares, valued at 23.1 billion KRW. The scheduled cancellation date is the 19th of this month. Namyang Dairy Products will also split the par value per share from 5,000 KRW to 500 KRW to increase the number of circulating shares.

Accordingly, the common shares will increase tenfold from 679,731 shares (after canceling 40,269 shares) to 6,797,310 shares, and the preferred shares will increase from 200,000 shares to 2,000,000 shares. If this stock split proposal is approved at the shareholders' meeting on the 25th of next month, the new shares are scheduled to be listed on November 20.

A Namyang Dairy Products official stated, "With the management normalization becoming visible following the change in management earlier this year, we decided to cancel treasury shares and conduct a stock split to demonstrate our commitment to responsible management and enhance shareholder value. We will continue to expand various measures to improve shareholder value." The private equity firm Hahn & Company (Hahn & Co) took over management rights of Namyang Dairy Products following a Supreme Court ruling in January after a dispute with former chairman and owner Hong Won-sik, ending the 60-year owner-management system of Namyang Dairy Products.