HDC Labs Decides to Acquire Treasury Shares up to 10 Billion KRW on the Market... Expected 1.17 Million Shares

HDC Labs announced, "To stabilize the stock price and enhance shareholder value, the board of directors resolved on the 19th to acquire treasury shares up to a limit of 10 billion KRW on the market."

The number of shares planned for acquisition is 1.17 million shares based on the closing price on the day before the board resolution. The actual number of shares acquired may vary depending on future stock price fluctuations. The expected acquisition period is from January 20 to April 19.

Meanwhile, following a series of construction site collapse accidents at HDC Hyundai Development Company on the 12th, the stock prices of HDC Group affiliates have continued to plunge.

HDC has taken steps to defend the stock prices of its affiliates through stock purchases. HDC disclosed on the 17th that it purchased 1,003,407 common shares of Hyundai Development Company on the market from the 13th to the 17th.

During the same period, MNQ Investment Partners, an HDC affiliate, purchased 329,008 common shares of HDC on the market. MNQ Investment Partners is an investment company wholly owned by HDC Chairman Chung Mong-gyu.

Hyundai Development Company stated, "Following the recent collapse accident in Gwangju, stock prices across the group’s affiliates have declined. To protect shareholder value and enhance trust in the company through responsible management, we decided to purchase shares," adding, "We will continue to make additional stock purchases if necessary to protect shareholder value."