Hyundai Industrial Co., Ltd. announces an Equity Buyback for KRW 2,000 million worth of its shares.
July 07, 2021 at 01:39 am EDT
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Hyundai Industrial Co., Ltd. (KOSDAQ:A170030) announces a share repurchase program. Under the program, the company will repurchase up to KRW 2,000 million worth of shares, pursuant to a contract with Shinyoung Securities. The purpose of the buyback is to stabilize the share prices and to raise shareholder value. The plan will be valid up to July 6, 2022. As on July 6, 2021, the company had 83,008 common shares in its treasury available from buyback for dividend purposes and no shares in treasury for other repurchases.
Hyundai Industrial Co.,Ltd. is a Korea-based company mainly engaged in the manufacture and distribution of automobile components. The Company's product portfolio consists of automobile seat pads, armrests, head rests, seat side pads and others. Its products are mainly used for automobile seats. The Company's main clients consist of Hyundai Motors and Kia Motors. The Company distributes its products within domestic market and to overseas markets.