Meritz Financial Group announced Thursday it will cancel 6.22 million shares of treasury stock worth approximately 703.4 billion won ($496 million).
The company said the shares were returned to the company after a trust agreement established in August last year for share buybacks was terminated upon completion of the stock acquisition on Thursday.
The company stated it decided to cancel the treasury shares to enhance shareholder value.
Meritz Financial shares were trading at around 121,100 won on Thursday, down approximately 1.5% from the previous day.
The financial holding company is scheduled to announce its annual earnings results on February 11.