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SEOUL - Samsung Electronics Co (F:SAMEq). Ltd. (KRX:005930) announced on Tuesday that it will cancel a total of 57,056,664 shares, comprising both common and preferred stock, on February 20, 2025. This decision was confirmed by the company's board on the same day, with all six independent directors present and no auditors who are not independent directors in attendance.
The cancellation will involve 50,144,628 common shares and 6,912,036 preferred shares, with each share priced at 100 Korean won. The total planned cancellation amount is valued at 3,048,696,999,300 Korean won. These shares are part of the company's treasury shares, which were repurchased based on a board resolution from November 15, 2024.
The move to cancel the treasury shares will result in a reduction of the total number of issued shares, from 5,969,782,550 to 5,919,637,922 common shares, and from 822,886,700 to 815,974,664 preferred shares, without decreasing the company's capital.
The legal basis for the cancellation is cited as Article 343, under the provision of Paragraph 1 of the Commercial Act. It is noted that the shares denoted as "other" in the company's statement are preferred shares, and the cancellation amount is based on the book value as of the date of the board resolution.
Samsung's decision to cancel the shares is a strategic move that follows the acquisition of the stocks to be cancelled as treasury shares. The cancellation date is subject to change depending on discussions with relevant organizations, and the disclosure serves as a substitute for the disclosure of treasury stock disposal.
This announcement is based on a press release statement and provides key information regarding Samsung Electronics (KS:005930)' upcoming share cancellation.
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