SK hynix to buy back and cancel $28.6 billion of its own shares

SK hynix said Wednesday it will buy back 40 trillion won ($28.6 billion) worth of its own shares within the next three months and will cancel them. The chipmaker said in a regulatory filing that it will begin buying back 24.07 million common shares Thursday at 1.662 million won per share through open-market purchases and complete the program by Nov. 19. This accounts for about 3.3 percent of the company’s 730 million outstanding shares. SK hynix plans to cancel all of the repurchased shares after completing the buyback. “We believe our shares are currently undervalued and have decided to buy back and cancel 40 trillion won worth of treasury shares to efficiently reallocate capital and enhance shareholder value,” the company said. “We are also considering measures to increase dividends, including higher regular dividends and special dividends.” In a press release issued after the filing, the company said it has also renewed its November 2024 shareholder return policy, which promised to return up to 50 percent of its cumulative free cash flow (FCF) from 2025 to 2027, by raising th

SK Hynix will buy back 40 trillion won of its own stock, about $28.6bn at prevailing exchange rates, in what Korean media are calling the largest repurchase ever announced by a listed company in the country. The board approved the programme on Wednesday and every share bought will be cancelled outright rather than held in treasury. The […] This story continues at The Next Web

SK hynix said Wednesday it will buy back 40 trillion won ($28.6 million) worth of its own shares within the next three months and will cancel them. The chipmaker said in a regulatory filing that it will begin buying back 24.07 million common shares Thursday at 1.662 million won per share through open-market purchases and complete the program by Nov. 19. This accounts for about 3.3 percent of the company’s 730 million outstanding shares. SK hynix plans to cancel all of the repurchased shares after completing the buyback. “We believe our shares are currently undervalued and have decided to buy back and cancel 40 trillion won worth of treasury shares to efficiently reallocate capital and enhance shareholder value,” the company said. “We are also considering measures to increase dividends, including higher regular dividends and special dividends.” In a press release issued after the filing, the company said it has also renewed its November 2024 shareholder return policy, which promised to return up to 50 percent of its cumulative free cash flow (FCF) from 2025 to 2027, by raising th