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KT&G unveils W2.8tr shareholder return planBy Song Jung-hyun
Published : Nov. 14, 2023 - 15:08
South Korea's largest tobacco company KT&G has unveiled a new shareholder return plan worth 2.8 trillion won ($2.1 billion), together with future business plans, during an online investor relations event.
During the event held Monday under the title "KT&G Value Day," the company renewed its commitment to improving shareholder benefits from a long-term perspective.
Under the new plan, which kicks off next year, the company plans to pay 1.8 trillion won in dividends, and to buy back and cancel shares worth 1 trillion won over the next three years.
An additional 10 million shares also will be canceled to further boost shareholder returns through 2026.
Since its stock debut, the company has enhanced shareholder benefits. This year, it also paid an interim dividend for the first time.
During the event, KT&G also shared the progress in its core investment areas, including heat-not-burn tobacco products, the overseas sales of its cigarette products and the health-functional food business under the JungKwanJang brand.
In September, the company signed an agreement to establish a new tobacco manufacturing plant in Indonesia, home to the largest population in Southeast Asia, by 2026. Last month, it commenced the construction of a hybrid tobacco plant in Kazakhstan, which aims to supply both heat-not-burn and regular combustible tobacco products to the Eurasian region.
“Through our balanced and diverse business portfolio, we have continued to achieve growth in our earnings,” a KT&G official said. “Going forward, we will constantly seek ways to improve shareholder benefits and enhance our overseas sales to leap forward as a global top-tier company.”
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