6,594,000 Shares Canceled, Representing 5.06% of Issued Shares
First Cancellation Since Listing... "Focusing on Enhancing Intrinsic Value"
Hyundai Movex announced on June 26 that it has canceled 6,594,000 shares of its own stock, worth approximately 25 billion KRW, to enhance shareholder value.
Inspection of AGV at Hyundai Movex Cheongna Research and Development (R&D) Center. Provided by Hyundai Movex
This represents 5.06% of the total issued shares and is scheduled to be reflected in the stock market on July 3. This is the first time Hyundai Movex has canceled its own shares since its listing in 2021. The company began repurchasing its own shares following a board resolution in December 2023, and decided to cancel all of them in March this year.
Hyundai Movex explained that the decision to cancel its own shares was made to enhance shareholder value, improve capital efficiency, and increase transparency, thereby building shareholder trust. The company also stated that this move reflects its continued improvement in performance and its confidence in the future growth of the smart logistics industry.
Last year, Hyundai Movex achieved record results since its founding, with sales of 340 billion KRW and operating profit of 24.6 billion KRW. Compared to the first year of its listing in 2021, sales increased by 42.2% and operating profit by 59.5%, with growth continuing through the first quarter of this year.
New orders are also reaching all-time highs. In 2023, the company surpassed 400 billion KRW in new orders for the first time, and last year achieved a record high of 420 billion KRW. Hyundai Movex reported that this positive trend is continuing this year as well.
Until last year, the company focused on supplying smart logistics to global manufacturing facilities such as tire and secondary battery plants. This year, it has added large orders for the automation of central distribution centers (CDC) of major domestic companies such as Orion, thereby supporting its overseas performance.
Hyundai Movex plans to further specify its efforts to enhance corporate value through sustainable growth, including dividend policy, investor relations (IR) activities, advancement of environmental, social, and governance (ESG) management, and customer-centric management.
A Hyundai Movex representative stated, "We will move forward as a company that grows together with our shareholders through various shareholder-friendly policies," adding, "Based on shareholder trust, we will focus on establishing a management system that meets global standards and on enhancing the intrinsic value of the company."
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