[Featured Stock] SK Discovery Soars on "20.9 Billion Won Treasury Stock Cancellation"

As of 9:50 AM on the 5th, SK Discovery's stock price on the Korea Exchange was recorded at 36,750 KRW, up 6.37% from the previous closing price. The announcement of a 20.9 billion KRW treasury stock cancellation and an additional 30 billion KRW treasury stock repurchase made the day before appears to have acted as positive news.

SK Discovery is a mid-tier holding company led by Vice Chairman Choi Chang-won, cousin of SK Group Chairman Choi Tae-won. It oversees SK Gas, chemical and bio company SK Chemicals, bio company SK Plasma, real estate development company SK D&D, among others.

The day before, SK Discovery disclosed that it decided to cancel 438,000 common shares and 46,000 preferred shares from its existing treasury stock holdings. The scheduled cancellation amount is 20.86919 billion KRW, with the cancellation date set for the 11th.

On the same day, SK Discovery announced that it had signed a trust contract to repurchase treasury stock worth 30 billion KRW. The contract period is until September 4.