HMM. (Image courtesy of HMM)
SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s top container shipper, HMM Co., said Thursday it will buy back and cancel its own shares worth 2.14 trillion won (US$1.54 billion) as part of its shareholder return policy.
In a regulatory filing, the company said it will repurchase roughly 81.8 million shares, or 7.98 percent of its outstanding stock, between Aug. 18 and Sept. 12, and cancel them on Sept. 24.
The move follows the company’s January announcement of a plan to return over 2.5 trillion won to shareholders through dividends and buybacks within the year.
The upcoming buyback and cancellation will be HMM’s first since it entered a creditor-led management system in 2016 due to a liquidity crisis.
(Yonhap)
