SEOUL, Celltrion Inc., a South Korean pharmaceutical company, said Monday it has begun the process of cancelling about 1 percent of its outstanding shares worth some 500 billion won (US$379.8 million) to boost shareholder value.

The value of shares to be bought back and cancelled was equivalent to 1.05 percent, or 495.5 billion won, of the company’s market capitalization as of last Friday.

When the stock cancellation is completed next Monday, the total amount of Celltrion’s shares will be reduced to 21.8 million.

Last month, Celltrion completed merging with Celltrion Healthcare. Celltrion also plans to integrate with its chemical drug-producing affiliate Celltrion Pharm Inc. later this year.

Source: Yonhap News Agency