KB to cancel W2.3tr shares after record Q1 profit

KB Financial Group on Thursday announced plans to cancel 14.26 million shares worth 2.3 trillion won ($1.55 billion) in May, one of the largest such moves in the industry, as the firm posted a record first quarter earnings. The cancellation, equal to 3.8 percent of shares outstanding, comes despite a 1 1/2-year grace period under the revised Commercial Act's mandatory treasury share cancellation rule. KB also approved an additional 600 billion won share buyback and cancellation program to be com

By The Korea Herald