Com2uS to cancel 5% of outstanding shares to boost shareholder value

Com2uS CI

South Korea’s major video game publisher Com2uS said Monday it has decided to cancel treasury shares as part of efforts to enhance shareholder value.

The company will retire 646,442 shares, equivalent to 5.1 percent of its total outstanding shares. The shares to be canceled were previously acquired by the company and account for 50 percent of its total treasury stock.

The cancellation is scheduled for Jan. 12, with the value of the retired shares estimated at 58.15 billion won ($40.4 million) based on the average acquisition price. While the move will reduce the number of outstanding shares, it will not lead to a reduction in capital. After the cancellation, the total number of issued shares will stand at 12,091,313.

Com2uS has actively pursued shareholder-friendly policies in recent years, including share buybacks, cancellations and dividends.

A company official said Com2uS will continue to focus on long-term corporate growth to enhance shareholder value and will push forward with a broad range of shareholder return measures following in-depth discussions.