Hyundai Heavy Holdings Acquires and Cancels 488,000 Treasury Shares Worth 130 Billion KRW...
First Treasury Stock Buyback and Cancellation Since Establishment
Continuing Shareholder-First Policy with Dividend Payout Ratio Above 70% for 3 Years
[Asia Economy Reporter Yoo Je-hoon] Hyundai Heavy Industries Holdings has decided to acquire and then cancel 488,000 shares of its own stock worth 129.3 billion KRW to enhance shareholder value. This is the first time since the founding of Hyundai Heavy Industries Holdings that it has repurchased and canceled its own shares.
According to Hyundai Heavy Industries Group on the 6th, Hyundai Heavy Industries Holdings held a board meeting on the same day and resolved this matter. The shares to be repurchased and canceled by Hyundai Heavy Industries Holdings account for about 3% of the total issued shares, amounting to 129.3 billion KRW.
The share repurchase period is three months from the 7th of this month to May 6th. Hyundai Heavy Industries Holdings plans to cancel the shares immediately after completing the repurchase.
Hyundai Heavy Industries Holdings received approximately 1.4 trillion KRW from Saudi Arabia's Aramco last December from the sale of Hyundai Oilbank shares, and since its major affiliate Hyundai Oilbank posted a net profit of 312.9 billion KRW last year alone, it is evaluated that there are sufficient funds for the share repurchase.
Meanwhile, Hyundai Heavy Industries Holdings recorded sales of 6.7851 trillion KRW and an operating profit of 100.6 billion KRW in the fourth quarter. This represents a 3.9% increase in sales and a 54.2% decrease in operating profit compared to the previous year.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
- "Am I Really in the Top 30%?" and "Worried About My Girlfriend in the Bottom 70%"... Buzz Over High Oil Price Relief Fund
- "It Has Now Crossed Borders": No Vaccine or Treatment as Bundibugyo Ebola Variant Spreads [Reading Science]
Korea Shipbuilding & Offshore Engineering recorded sales of 4.342 trillion KRW and an operating profit of 169.9 billion KRW in the fourth quarter. These figures represent increases of 19.2% and 460.7%, respectively, compared to the previous year. A Hyundai Heavy Industries Group official explained, "Although the shipbuilding division's performance slightly declined due to the depreciation of the exchange rate, the operating profit increased as change orders were reflected in the offshore plant division."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
