SEOUL, May 14 (Yonhap) -- SK Telecom Co., South Korea's largest wireless carrier, said Friday it has completed its plan to cancel 8.69 million treasury shares in a move to boost shareholder value.
The company said in a statement that it has retired the treasury shares, which represented 10.8 percent of its total floated stocks.
SK Telecom announced the cancellation on May 4, which reduces its total issued stocks from 80.75 million to 72.06 million, with hopes to boost its share price.
The move came after SK Telecom said last month that it would split itself into two companies via a spin off, forming a new holding company that will oversee operations of its non-mobile affiliates and subsidiaries, such as memory chip giant SK hynix Inc.
The company expects the move to help its affiliates' market value be better reflected in its stock price.
SK Telecom said in its first-quarter conference call earlier this week that it would complete the spinoff plan by November.
Shares in SK Telecom have risen over 30 percent since the start of the year, closing at 312,500 won on Thursday, compared with 237,000 won on Jan. 4, the first trading session of 2020.