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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Department Store Group, which has shifted to a single holding company system, is speeding up its shareholder value. While incinerating treasury stocks, which were declared to shareholders, the company will strengthen communication through an integrated corporate briefing session (IR) involving all listed companies in the group.
Hyundai GF Holdings, the holding company of Hyundai Department Store Group, held a board meeting on the 11th and voted to retire 6,495,431 shares of its own shares. It is equivalent to 4.0 percent of the total number of shares issued after the completion of the investment in kind and is scheduled to retire on Dec. 12 after deciding at an extraordinary shareholders' meeting slated for Nov. 8.
Earlier in January, Hyundai GF Holdings (Hyundai Green Food before the split) announced its plan to incinerate Hyundai GF Holdings' treasury shares within a year after the split to enhance shareholder value.
"The treasury stock retire decision is an expression of the group's firm will to enhance shareholder value by implementing what it originally promised to the market and shareholders," said an official at Hyundai Department Store Group.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
