SK hynix to buy back $28.6 mil. worth of shares in 3 months before cancellation
SK hynix said Wednesday it will buy back 40 trillion won ($28.6 million) 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 through open-market purchases and complete the program by Nov. 19. The company said the move is aimed at enhancing shareholder value through…
SK hynix, the world's third-largest memory chip maker, has announced plans to repurchase $28.6 million worth of its own shares over the next three months before canceling them. The company made the announcement in a regulatory filing, stating that the buyback program will commence on Thursday and conclude by November 19. The decision to repurchase and cancel shares aims to enhance shareholder value by reallocating capital efficiently.
SK hynix acknowledges that its shares are currently undervalued and believes that this move will benefit its investors. Additionally, the company is considering measures to increase dividends, such as higher regular dividends and special dividends, as part of its shareholder value enhancement strategy.
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