SK hynix to buy back $28.6 bil. worth of shares in 3 months before cancellation
SK hynix said Wednesday it will buy back 40 trillion won ($28.6 billion) worth of its own shares within the next three months and will cancel them. The chipmaker said in a regulatory filing that it will begin buying back 24.07 million common shares Thursday at 1.66 million won per share through open-market purchases and complete the program by Nov. 19. This accounts for about 3.3 percent of the…
SK hynix announced on Wednesday that it will repurchase $28.6 billion worth of its own shares over the next three months and then cancel them. The company disclosed this decision in a regulatory filing, stating that it will initiate open-market purchases of 24.07 million common shares starting Thursday at a price of 1.66 million won per share.
The buyback program is expected to conclude on November 19, accounting for approximately 3.3% of SK hynix's 730 million outstanding shares. Following the completion of the buyback, the company plans to cancel all the repurchased shares. SK hynix believes its shares are currently undervalued and has decided to efficiently reallocate capital and enhance shareholder value through this share buyback.
The company also mentioned considering measures to increase dividends, including raising regular dividends and special dividends. SK hynix has refreshed its shareholder return policy for November 2024, committing to return up to 50% of its cumulative free cash flow (FCF) from 2025 to 2027.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
