By Kim Kwang-tae
SEOUL, Dec. 6 (Yonhap) -- KB Financial Group Inc., a major South Korean banking group, said Friday that it has decided to cancel more than 2.3 million of its stocks in the first such move to improve shareholder value.
KB Financial said its treasury stocks, worth about 100 billion won (US$84 million), are set to be cancelled next Thursday. The figure represents a 0.55 percent of KB Financial's floated stocks.
It marked the first stock cancellation by KB Financial and other South Korean financial groups.
KB Financial has bought back about 1.4 trillion won worth of its shares on four occasions since 2016. KB Financial holds some 28.48 million treasury stocks.
Shares in KB Financial rose 0.75 percent to 47,000 won on Friday, underperforming the broader KOSPI's 1.02 percent gain.
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