LG Innotek is taking steps to enhance shareholder value by retiring its own shares.
On October 22, LG Innotek announced that its board of directors has approved the retirement of 2,600 common shares. The total amount for the share retirement is approximately 1 billion won, based on the closing price on the day of the board resolution.
As LG Group continues its policy of enhancing shareholder value through share buybacks among its major affiliates, LG Innotek has finalized the related procedures through this announcement.
The shares being retired were acquired during the merger with LG Micron in 2009. The retirement is scheduled for October 29, which will reduce the total number of issued shares but will not affect the company's capital.
Additionally, all four outside directors attended the board meeting and approved the agenda.
* This article has been translated by AI.
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