Mirae Asset Securities Cancels 5,024 Billion Won Treasury Stocks on July 31

Mirae Asset Securities decided on July 23 to cancel 26.396 million treasury shares worth approximately 5,024 billion won, scheduled for July 31. The cancellation combines a previously announced 300 billion won buyback program from June 18 with an additional 200 billion won of existing treasury stocks, making it the company's largest-ever stock cancellation. The company stated the decision aims to enhance shareholder value, stabilize stock prices, and narrow the price gap between common and preferred shares.

Mirae Asset Securities Cancels 5,024 Billion Won in Treasury Stocks

Mirae Asset Securities announced the cancellation of 26.396 million shares, comprising 16.545 million common shares worth 357.4 billion won, 621,617 Class 1 preferred shares worth 10 billion won, and 9.229 million Class 2 preferred shares worth 135 billion won. The cancelled shares represent 3.7% of the company's total issued shares. The cancellation will occur on July 31.

Company Completes 300 Billion Won Buyback Program

Mirae Asset Securities announced a 300 billion won treasury stock acquisition and cancellation plan on June 18. The company completed acquiring 200 billion won worth of common shares, 10 billion won of Class 1 preferred shares, and 90 billion won of Class 2 preferred shares between June 18 and July 6. The company added an additional 200 billion won of existing treasury stocks (157.4 billion won in common shares and 45 billion won in Class 2 preferred shares) to the cancellation plan.

Mirae Asset Securities States Shareholder Value Enhancement Goal

A company official stated the decision was made to enhance shareholder value, stabilize stock prices, and reduce the market price gap between common and preferred shares. The official noted the cancellation involves treasury stocks acquired within distributable profits, resulting in no reduction in capital. After the cancellation, Mirae Asset Securities will retain approximately 108 million common shares and 4.2 million preferred shares as treasury stocks, totaling 112.2 million shares.

FAQ

What did Mirae Asset Securities announce on July 23?

Mirae Asset Securities announced the cancellation of 26.396 million treasury shares worth approximately 5,024 billion won, scheduled for July 31. This includes 16.545 million common shares worth 357.4 billion won and preferred shares worth 145 billion won, representing 3.7% of total issued shares.

Why did Mirae Asset Securities decide to cancel treasury stocks?

The company stated the cancellation aims to enhance shareholder value, stabilize stock prices, and narrow the price gap between common and preferred shares. The cancellation involves treasury stocks acquired within distributable profits and does not result in capital reduction.