Hyundai Motor to buy back $716 million worth of its own shares

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Hyundai Motor to buy back $716 million worth of its own shares

Published: 27 Nov. 2024, 19:20

CHO YONG-JUN
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Hyundai Motor headquarters in southern Seoul [NEWS1]

Hyundai Motor will buy back 1 trillion won ($716 million) worth of its own shares as part of efforts to boost its shareholder value, the company said Wednesday.

In the buyback plan approved by the board of directors, Hyundai will repurchase 4.66 million shares, worth 1 trillion won, within a three-month period starting Thursday, the company said in a regulatory filing.

They account for 1.7 percent of the company's overall listed shares. Hyundai said the purpose of the repurchase is to enhance shareholder value.

Reducing the number of shares in circulation increases the profitability per share and consequently raises the stock price, thus benefiting shareholders.

In August, Hyundai Motor announced a value-up plan to buy back 4 trillion won worth of its own shares over the next three years.

Yonhap