• A board of directors meeting was held on October 7 and treasury stock purchasing was decided for 1,893,415 shares to stabilize the company’s stock price, worth approximately KRW 166.2 billion.

• Efforts are being made towards a corporate identity change into a global ESG materials solution provider. Shareholder value enhancement will be achieved by pushing forward the new businesses to produce results.

SKC (President & CEO: Woncheol Park) has made a decision on treasury stock purchase to achieve enhanced shareholder value through stock price stability.

SKC held a board of directors meeting on October 7 and voted for the purchase of 1,893,415 common shares. This accounts for 5% of the total number of issued shares (37,868,298 shares) worth approximately KRW 166.2 billion. SKC will follow through the purchase procedure for 3 months from November this year to January next year by purchasing the shares directly from the stock market. SKC-owned treasury stock will account for 10% of the total after the purchase is concluded.

This decision was made as part of SKC’s efforts to enhance shareholder value. An SKC executive said, “In consideration of SKC’s current efforts directed towards corporate identity innovation, it was judged that the recent stock price had been undervalued relative to corporate value,” and added, “Treasury stock purchasing was decided to contribute to stock price stabilization and shareholder value enhancement.” In general, treasury stock purchase has a positive effect on stabilizing the stock price in that the number of traded shares decreases and the company shows its willingness to boost the stock price.

SKC has been consistent in its efforts for shareholder value enhancement so far. SKC purchased approximately 1,880,000 treasury stocks in 2015 to enhance shareholder value. Also, in 2019, the company introduced an electronic voting system, which continues to be in place today, to make it more convenient for shareholders to exercise their voting rights. This year, SKC built and launched a website to offer dividend inquiry services for shareholders to easily look up their dividend information from anywhere.

More fundamentally, SKC is promoting new businesses centered around rechargeable batteries, semiconductors and eco-friendly materials to enhance its corporate value. SKC raised investment funds by selling the film business which was previously its mother company, and is now actively driving forward new growth engine businesses including next-generation silicon anode materials, glass substrates which is considered a game changer of the semiconductor packaging market and new eco-friendly biodegradable materials.

An SKC executive said, “SKC is having a busy year to innovate and upgrade the corporate identity of SK into a global ESG materials solution provider and raise corporate value,” and also commented that, “We will strive to push forward the new businesses to _ link_ them to management performance. Based on this, we will continue to enhance shareholder value further on.”. [End of _ document_]