Hyundai Heavy to cancel 3 percent of its float

Hyundai Heavy Industries Holdings said Thursday it has decided to cancel 129 billion won ($109 million) worth of stock to improve shareholder value.

Hyundai Heavy said it will buy back 488,000 shares, or 3 percent of its float, between Friday and May 6 for the cancellation immediately afterward. In 2019, Hyundai Heavy reported a net profit of 115.3 billion won, down 59.4 percent from a year earlier, on a consolidated basis due to one-off costs and currency losses. Operating profit for the year was 666.6 billion won, down 22.6 percent on-year, the company said in a regulatory filing. Annual revenue fell 2.3 percent to 26.63 trillion won.

Hyundai Heavy said it will pay 18,500 won in dividends per share, delivering a total of 270.5 billion won to its shareholders.

Yonhap