Hyundai Motor Company Buys Back 504.5 Billion KRW of Treasury Shares to "Enhance Shareholder Value"

[Asia Economy Reporter Koo Eun-mo] Hyundai Motor Company announced on the 18th that it will acquire treasury shares worth approximately 504.5 billion KRW.

Hyundai plans to purchase a total of 2,769,388 shares (common stock + preferred stock), equivalent to 1% of the total issued shares, from the 19th of this month until February 18th of next year.

Hyundai stated, "As part of efforts to enhance shareholder value, we are promoting the acquisition of treasury shares," adding, "The treasury shares held will be utilized to strengthen shareholder return policies from a mid- to long-term perspective."

This is the first time in 23 months since December 2019, when Hyundai acquired treasury shares worth 300 billion KRW, that the company is purchasing treasury shares to enhance shareholder value.

Since 2015, Hyundai has continued efforts to enhance shareholder value. These include the establishment of the Transparent Management Committee in 2015, the enactment of the Corporate Governance Charter in 2016, the announcement of a mid- to long-term new dividend policy in 2017, the introduction of electronic voting at the general shareholders' meeting in 2020, and the appointment of female outside directors in 2021.

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