- Decision to cancel all 5.3 billion Won in treasury stock to enhance shareholder value
AJ Networks (095570) announced that it held a board meeting on August 25 and decided to cancel its treasury shares.
AJ Networks will burn all of its existing 1,569,536 shares of treasury stock (common stock, valued at approximately 5.3 billion Won) within this month.
The company purchased 2,054,479 shares of common stock through trust agreements and other means between January 2000 and February 2021. The amount of shares to be retired excludes 484,943 shares used to pay employee bonuses in May.
AJ Networks said, "This is the first time we have decided to repurchase treasury shares since we went public, and it represents 3.4% of our total outstanding shares. We will continue to strive to stabilize our stock price and enhance shareholder value."