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[Alpha Biz=(Chicago) Reporter Kim Jisun] As part of its shareholder return plan, Korea Zinc plans to purchase 100 billion won worth of treasury stocks by next year and retire them.
Korea Zinc held a board meeting on the 9th and decided to buy 100 billion won worth of its own shares to retire its shares. The number of shares scheduled for retirement is about 205,128 shares, which will be collected through in-house purchases from the day to May 8, 2024. Korea Investment & Securities Co. was selected as a consignment investment broker to acquire its own shares.
Korea Zinc said, "We will retire the shares after completing the acquisition of equity shares by next year."
Shares held last year have been exhausted in exchange for LG Chem and Hanwha, which should be secured again for incineration. In November last year, Korea Zinc exchanged treasury stocks worth 256.7 billion won (2%) to establish a cooperative relationship with LG Chem. In the same month, Korea Zinc exchanged 1.2% of its own shares for Hanwha's own shares to strengthen its strategic partnership with Hanwha. In addition, the company has sold its own shares to global resource brokers Trafiguera (1.5%), Korea Investment & Securities (0.8%) and Morgan Stanley (0.5%).
As part of its shareholder-friendly policy, Korea Zinc Co. has made interim dividends for the first time in 17 years since 2006. According to the introduction of interim dividends, dividends will be paid twice a year based on semi-annual and final results each year. The annual dividend amount is aimed at dividend propensity of at least 30% of net profit based on a separate financial statement in accordance with the guidelines.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
