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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hyundai GF Holdings, the holding company of Hyundai Department Store Group, announced on March 31 that its listed affiliates will complete treasury share cancellations totaling KRW 350 billion within the first half of this year.
At the company’s 58th annual general meeting held in Seoul, CEO Jang Ho-jin stated, “As a holding company, we aim to strengthen responsible management and enhance corporate value by reorganizing the group’s governance structure centered on Hyundai GF Holdings.”
Jang noted that despite a challenging business environment marked by global trade tensions and geopolitical uncertainties last year, the group successfully stabilized its holding company system. “We have established a systematic foundation to improve overall management efficiency by streamlining cross-shareholdings and steadily acquiring stakes in subsidiaries,” he added.
He also emphasized the group’s commitment to shareholder-friendly policies, stating that listed affiliates—including Hyundai Department Store, Hyundai Home Shopping, Hyundai Green Food, and Handsome—had announced plans last month to cancel all treasury shares held. The total value of the planned cancellations is expected to reach approximately KRW 350 billion by the first half of the year.
Looking ahead, Hyundai GF Holdings plans to unify its governance structure further and strengthen risk management across its affiliates.
All agenda items at the shareholders’ meeting—including approval of financial statements, amendments to the articles of incorporation in line with revisions to the Commercial Act, appointment of outside directors and audit committee members, and approval of director compensation limits—were passed as proposed.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
