PiCK
SK Hynix Completes $28.9 Billion Share Buyback
Summary
- SK Hynix said it has completed a $28.9 billion share buyback on South Korea's Kospi market.
- SK Hynix had previously said it would spend about $28.9 billion to repurchase 24.07 million shares and then cancel all of them.
- SK Hynix said it plans to unveil additional shareholder return measures when it reports third-quarter earnings on Oct. 28.
Forecast Trend Report by Period
SK Hynix has completed a $28.9 billion share buyback.
The company said on Oct. 21 that it had finished repurchasing $28.9 billion worth of its own shares on South Korea's Kospi market over the past two months.
SK Hynix had previously said it would spend about $28.9 billion to buy back 24.07 million shares and cancel all of them. The 24.07 million shares represent about 3.3% of its outstanding stock, making it one of the largest treasury-share cancellations by a listed South Korean company.
SK Hynix had originally disclosed a buyback period from Aug. 20 to Nov. 19. The repurchase was completed about a month ahead of schedule.
The company plans to announce additional shareholder return measures when it reports third-quarter earnings on Oct. 28.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul