KT Skylife retires $1.8 mn worth of shares

[Courtesy of KT Skylife]

KT Skylife Co. said on Wednesday that it has retired 2.4 billion won ($1.8 million) worth of shares as part of efforts to increase shareholder value.

The move follows the company’s decision to enter into a share buyback trust agreement in February 2023 and subsequently acquire the shares, which were then retired after a mandatory holding period of six months.

Earlier in the year, KT Skylife unveiled its shareholder return plan worth 400 won per share, which includes a dividend yield of 4.08 percent, which translates to 350 won per share (16.7 billion won in total).

The initiative was part of the company’s strategy to enhance shareholder value while bolstering its operations, with a focus on expanding its customer base via services like satellite television, combined with mobile and internet connectivity.

“Through initiatives like increasing TPS subscribers and expanding content investments, we will strengthen the company’s fundamentals and seek ways to enhance shareholder value,” KT Skylife CEO Yang Chun-sik said.