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

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 shares and 652,019 preferred shares, while affiliate Kia will buy back 4.05 million common shares, both at Monday's closing prices, according to separate regulatory filings by the companies on Tuesday. The buybacks will be completed by Feb 11 to "stabilise share prices and improve shareholder value", the companies said.