April 27, 2018 / 1:29 AM / 25 days ago

Hyundai Motor to cancel $890 mln worth of treasury stock

SEOUL, April 27 (Reuters) - Hyundai Motor said on Friday it plans to cancel 960 billion won ($890 million) worth of treasury shares, its first share cancellation in 14 years, to boost shareholder returns.

Hyundai Motor plans to cancel 560 billion won of existing treasury shares and will buy back and cancel another 400 billion won worth of stock, the company said in a statement.

$1 = 1,076.4000 won Reporting by Hyunjoo Jin; Editing by Edwina Gibbs

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