Hyundai Mobis to cancel 71 bln won worth of own stocks

SEOUL– Hyundai Mobis Co., South Korea’s biggest auto parts maker, said Wednesday it will cancel 70.8 billion won (US$51 million) worth of its own stocks to enhance shareholder value.

Hyundai Mobis plans to cancel 288,000 shares on Sept. 15 to prop up its share price, the company said in a regulatory filing.

In February, the company announced it would buy back 330 billion won worth of its own stocks and cancel 62.5 billion won stocks out of that to boost the stock price.

Hyundai Mobis is a core affiliate of Hyundai Motor Group, which also has Hyundai Motor Co. and Kia Corp. under its wing. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.

On Wednesday, Hyundai Mobis closed unchanged at 217,000 won, outperforming the broader KOSPI’s 1.4 percent loss.

Source: Yonhap News Agency

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