Hyundai Movex to Buy Back and Cancel 25 Billion KRW Worth of Treasury Shares to Enhance Shareholder Value

Hyundai Movex has finalized a plan to repurchase and cancel its own shares worth 25 billion KRW, marking the start of an active shareholder return policy.

On the 9th, Hyundai Movex held an extraordinary board meeting and resolved to acquire treasury shares worth 25 billion KRW. All repurchased shares will be canceled.

The number of shares to be acquired is estimated at a total of 8,865,248 shares based on the closing price of 2,820 KRW on the 6th. This corresponds to about 7.5% of the total shares outstanding. The company plans to purchase common shares on the market over the next six months, with Korea Investment & Securities acting as the entrusted agent.

This is Hyundai Movex's first treasury share cancellation since its listing in 2021. According to company officials, this move is both a strategic measure to reduce the number of circulating shares and increase shareholder equity value, as well as a reflection of a strong shareholder return stance and a commitment to "value-up (enhancing corporate value)."

Hyundai Movex is expanding the global supply of AI-based future logistics robots such as AGVs (Automated Guided Vehicles) and gantry robots. An Automated Guided Vehicle is inspecting at the Cheongna R&D Center. Photo by Hyundai Movex

Recent strong performance and confidence in future growth have enabled an active shareholder value enhancement policy. Hyundai Movex has maintained a profit streak for five consecutive quarters and is forecasting performance growth this year. Cumulative sales through the third quarter reached 217.4 billion KRW, a 24.5% increase compared to the same period last year, and operating profit turned positive at 16.3 billion KRW.

Based on large-scale global orders leveraging advanced technologies such as artificial intelligence (AI) and robotics, the company surpassed its highest-ever order amount of 400 billion KRW last year since its establishment. The company expects to comfortably exceed last year’s record this year as well.

A Hyundai Movex official stated, "We will continue to strengthen the policy that allows shareholder returns and company growth to proceed in parallel. While focusing on expanding overseas business, we will not stop efforts to enhance corporate value to meet global corporate standards."

This content was produced with the assistance of AI translation services.