Seoul: LG Electronics Inc. announced plans to repurchase 60.2 billion won (US$43.9 million) worth of treasury stocks as part of its initiative to enhance shareholder value. The company revealed this move in a regulatory filing on Thursday, outlining its strategy to cancel approximately 761,000 common shares by the end of the month. This decision is based on the previous day's closing price of 79,100 won.
According to Yonhap News Agency, this marks the first instance of LG Electronics conducting a stock buyback since the company's inception. In addition to the stock repurchase, LG Electronics unveiled a midterm shareholder return policy involving the distribution of 90 billion won in cash dividends. Shareholders are set to receive 500 won per share on August 22.