Hyundai Heavy to cancel 3 percent of its floatHyundai 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.
More in Industry
SKT targets corporate clients with expanded 5G network
Eastar Jet's pilot union pushes for receivership of airline
ITC agrees to review its decision in Botox dispute
Hyundai Motor and union come to a wage freeze deal
Samsung Biologics signs supply deal with AstraZeneca