South Korea's AI chip investor announces plan for share buybacks

SK Square Co

21/11/2024 07:12

SEOUL, Nov 21 (Reuters) - SK Square  402340.KS , the
holding company of SK Hynix  000660.KS , a maker of artificial
intelligence chips, on Thursday announced a plan to buy back
shares and appoint an independent director as part of efforts to
boost shareholder value.  
    The plan came after London-based hedge fund Palliser Capital
this year proposed changes to address the undervaluation of the
company and South Korea's government has implemented a
"Value-Up" programme to bolster stock prices. 
    SK Square said it plans to cancel 100 billion won ($71.51
million) worth of shares that it had bought back in April, while
planning to repurchase another 100 billion won worth of shares
within the next three months and cancel those shares. 

 (Reporting by Hyunjoo Jin and Jack Kim
Editing by Ed Davies)
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net))