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Hyundai-Kia Hope to Bolster Share Price in Stock Buyback
Hyundai Motor Co. and its Kia Motors affiliate say in a regulatory filing they will purchase 670 billion won ($616 million) in shares to help reverse a 24% drop in Hyundai's stock price.
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Hyundai Motor Co. and its Kia Motors affiliate say in a regulatory filing they will purchase 670 billion won ($616 million) in shares to help reverse a 24% drop in Hyundai's stock price.
The buyback will include 4.1 million common shares in Kia and 2.2 million common and 652,000 preferred shares in Hyundai. The companies expect to complete the transactions by Feb. 11.
Share prices have plunged since mid-September when Hyundai and Kia agreed with partsmaking affiliate Hyundai Mobis to pay $10 billion for 20 acres of land in Seoul. The site is to house a headquarters complex that includes a hotel, convention center and automotive theme park.
The plan prompted union protests. It also discouraged investors, who had hoped the companies would raise shareholder dividend payments instead.
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