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Hyundai Motor, Kia to spend 670b won to buy back shares

Move is to improve shareholder value after purchase of property for three times the assessed price spurs sell-off
Wednesday, November 12, 2014 - 05:50

Seoul

HYUNDAI Motor Co and Kia Motors Corp will buy back a combined 670 billion won (S$791 million) of stock after their purchase of a Seoul property for three times the assessed price spurred a sell-off.

Hyundai, South Korea's largest automaker, will buy back 2.2 million common