Hyundai Motor to buy back $720 mn in shares

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Hyundai Motor to buy back $720 mn in shares - Korea Economic Daily

Quick Summary:

Hyundai Motor Co.said on Wednesday it will buy back 1 trillion won ($720 million) in shares in line with the government campaign to unlock corporate value with shareholder-friendly measures.Starting on Nov.28, the country’s largest carmaker will buy back 3,906,545 common shares for 873.1 billion won and 758,323 preferred and other types of shares for 126.8 billion won.

At the 2024 CEO Investor Day forum in August, Hyundai Motor CEO Chang Jaehoon said the company will return 35% or more of its net profit to shareholders in dividend or treasury stock retirement annually.

Its buyback announcement came more than a week after Samsung Electronics Co.unveiled a 10-trillion-won share repurchase plan.SK Square Co., the investment arm of SK Group and tobacco maker KT&G Corp.followed suit with buyback announcements.