Hanwha to cancel over 3 mn shares by year-end to boost shareholder value

Hanwha CI

Hanwha Corp. announced on Wednesday that it will cancel a significant portion of its shares by the end of the year in an effort to boost shareholder value.

During a board meeting on Wednesday, Hanwha decided to cancel 28,070 preferred shares issued before the revision of commercial law, representing 5.9 percent of its outstanding shares, and 3,067,559 group 3 preferred shares, representing 13.7 percent.

The shares to be cancelled were repurchased in June following the exercise of shareholders‘ appraisal rights during the company’s split of its Momentum business.

The cancellation is expected to become effective by the end of the year following an extraordinary general meeting of shareholders scheduled for November 1.