KT&G to buy back shares; rejects Ginseng unit buyout offer

Quick Summary:

South Korean tobacco maker KT&G Corp.on Thursday unveiled a plan to buy back shares and pay dividends for a total of 3.7 trillion won ($2.7 billion) through 2027, while rejecting Flashlight Capital Partners’ 1.9-trillion-won buyout offer for its wholly-owned unit Korean Ginseng Corp.

Buoyed by the buyback and cancellation plan, its shares rallied to their highest point in almost seven years.Through 2027, its 3.7-trillion-won shareholder return will break down to 1.3 trillion won for share buybacks and cancellation, including 150.0 billion won it is spending for buybacks this year and additional 2.4 trillion won in dividend payments.

In a letter to Flashlight, KT&G stated it would focus on growing its three core businesses -- health functional food, heat-not-burn e-cigarettes and overseas cigarette business -- and do its utmost to maximize shareholder value with a steady stream of earnings.

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Category: Economy

Markets: South KoreaSingapore

Topics: Korea Ginseng Trillion Flashlight 2027 Korean Tobacco Profit Share Shares

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 16:42:02 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 497 words

Reading Time: 3 minutes read

Sentences: 27 lines

Sentence Length: 19 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 23468580

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