Deutsche Motors, a comprehensive automobile platform company, announced on the 16th that its board of directors decided to cancel 1 million treasury shares at a meeting held on the same day. The target is 1 million treasury shares purchased and completed in December 2021. This corresponds to approximately 7.4 billion KRW based on the book value.
A representative of Deutsche Motors stated, "Despite the challenging internal and external management environment, the board decided to cancel treasury shares to enhance the undervalued corporate value," and added, "As an extension of the treasury share repurchase decided last September, we will continue to discuss various policies for shareholder returns to promote mutual growth between the company and shareholders."
Based on last year's financial statements, Deutsche Motors has actively pursued shareholder return policies through aggressive dividends for three consecutive years, including a dividend of 360 KRW per share, corresponding to a market dividend yield of 5.8%. Deutsche Motors, which has secured differentiated business competitiveness such as an imported car multi-brand strategy and online and offline used car trading platform services, is determined to further strengthen profitability.
Kwon Hyuk-min, CEO of Deutsche Motors, emphasized, "Enhancing shareholder value is a very important matter that management of a listed company must always keep in mind," and added, "Including this year, we will continue to share the profits earned by the company with all shareholders through stable dividends."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
