Naver announces 400 billion won buyback plan
Published: 30 Sep. 2024, 16:56
![Naver's headquarters in Seongnam, Gyeonggi [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/09/30/45aec6e0-18aa-4655-bd5b-13b0d8aab0a6.jpg)
Naver's headquarters in Seongnam, Gyeonggi [YONHAP]
Naver announced Monday that it plans to buy back and cancel its own 2,347,500 shares worth 400 billion won ($305.71 million), representing 1.5 percent of its total outstanding shares, in a bid to boost its stock price. This share buyback program will be executed between Oct. 2 and Dec. 28.
The company's board of directors approved this move to enhance shareholder value amid a recent decline in the stock price. Funding for this program will come from a special dividend received from A Holdings, the majority shareholder of LY Corporation.
Naver stressed that this share buyback program is separate from its previously announced three-year shareholder return policy. While the company has reported strong earnings this year, concerns over its growth potential have weighed on its stock price. As of the Sept. 27, Naver's closing price on the Kospi was 170,400 won, a 23.9 percent decrease from the end of last year.
BY YOON SEUNG-JIN [yoon.seungjin@joongang.co.kr]
with the Korea JoongAng Daily
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