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The Hyundai Motor Group is planning to buy its own stocks in quantity with its stock price plummeting due to the weak yen and its purchase of the Korea Electric Power Corporation (KEPCO) building located in Samsung-dong, Seoul.

Hyundai Motor Company announced on Nov. 11 that it buys 1 percent of the total Hyundai Motor Company shares on the stock exchange. Specifically, the 2,202,764 common shares and 652,019 preferred shares are worth 449 billion won (US$409.9 million). Kia Motors is going to buy 4,053,633 common shares at an investment of 220.9 billion won (US$201.5 million), too.

Hyundai Motor Company’s treasury stock purchase of such a scale is for the first time since April 2005. At that time, it bought 11 million common shares and one million preferred shares at 660.2 billion won (US$602.6 million), in the wake of the appreciation of the won against the U.S. dollar that significantly deteriorated its business performance.

On Nov. 11, Hyundai Motor Company’s stock price soared in the news. Its aggregate market value increased by 2 trillion won (US$1.8 billion) on that day alone.

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