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Hyundai Plans $227 Million Stock Repurchase
Hyundai Motor Co. says it will spend 255 billion won ($227 million) to buy back shares and stabilize the value of its stock.
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Hyundai Motor Co. says it will spend 255 billion won ($227 million) to buy back shares and stabilize the value of its stock.
Last week the carmaker’s shares dipped below 100,000 won ($89.25) for the first time in nine years. Analysts point to a report that federal authorities in the U.S. are investigating whether Hyundai and its Kia affiliate delayed recalls in 2015 and 2017 that involved 1.7 million faulty engines.
The share buyback will begin on Dec. 3 and involve 2.7 million shares, according to The Korea Herald. The repurchase represents about 1% of Hyundai’s outstanding stock.
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