On August 9 KST, SM Entertainment announced that it will be issuing stock grants to nearly all of its employees, except for executives and board members.
The agency stated, "Each employee will receive 50 shares per person." The stock grants are intended to encourage and incentivize all employees as SM Entertainment who will be contributing to the company's successful transition into a multi-production system, as outlined by its SM 3.0 initiative. Approximately 28,000 shares in total, worth 2 billion KRW (~ $1.5 million USD), will be issued.
Additionally, in an effort to enhance shareholder value, SM Entertainment intends on destroying 1% of its current treasure stocks (a total of 235,895), following approximately 240,000 stocks destroyed in February of this year.
The company's remaining treasury stocks (approximately 460,000) may be used for investment purposes or destroyed at a later time.
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