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[Alpha Biz=(Chicago) Reporter Paul Lee] Hyundai Department Store Group decided to cancel the treasury shares of Handsome, a group affiliate, to improve shareholder value.
Hansum, a fashion company affiliated with Hyundai Department Store Group, announced on the 6th that it will retire about 5% of the total number of shares issued, including existing holdings, after purchasing additional treasury shares.
Handsome plans to purchase 492,600 shares of its own stock on the market by February 2 next year and then cancel a total of 1,231,500 shares, including 738,900 shares of its own stock previously acquired, within February of next year. This is equivalent to approximately 5% of the total number of issued shares.
Previously, Hyundai GF Holdings, the holding company of Hyundai Department Store Group, decided to cancel 6,495,431 shares of its own shares in September. After a resolution is made at the extraordinary general meeting of shareholders scheduled for the 8th, it is scheduled to be retired on the 12th of next month. This is equivalent to 4% of the total number of issued shares.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
