April 27, 2024
Automobiles
Hyundai cancels W960b worth of stocks to bolster shareholder value
[THE INVESTOR] Hyundai Motor said on April 27 it will cancel 960 billion won (US$891 million) worth of its own stocks to enhance shareholder value.
Hyundai plans to write down 8.54 million existing shares, which are composed of 6.61 million common stocks and 1.93 million preferred stocks, the company said in a statement.
The carmaker canceled 11 million treasury stocks in 2001 and 1.32 million stocks in 2004 to boost its share prices.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
