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Biz News Korea(Eng)
Woori Financial to buy back, cancel shares worth $133 mn
- Collected
- 2024.02.06
- Distributed
- 2024.02.07
- Source
- Go Direct
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이미지 확대[Photo by MK DB]
Woori Financial Group said on Monday it will buy back and cancel 138 billion won ($133 million) worth of treasury shares, a plan that comes in response to the government’s campaign against the so-called “Korea discount,” in which Korean stocks are valued at a steep discount compared to their peers outside the country.
The shares to be canceled account for 1.24 percent of the financial group’s stake, and the company is also considering additional buybacks.
Other financial groups have made the same move over the course of 2023. Shinhan Financial Group announced a larger buyback in 2024 compared to the previous year when it purchased and canceled 500 billion worth of treasury shares. Hana Financial Group Hyundai canceled 150 billion worth of existing treasury shares in 2023 and will cancel another 300 billion worth of stock over the current year.
Financial regulators are throwing their support behind these share programs designed to improve shareholder returns. “Returning more profits to shareholders is recommended as long as the move meets the legal conditions such as provisions mandated by the authorities,” Financial Supervisory Service Governor Lee Bok-hyun said on Monday.
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]