Seoul: South Korea's leading container shipper, HMM Co., announced plans to buy back and cancel shares worth 2.14 trillion won (US$1.54 billion) as part of its shareholder return initiative. The company outlined its strategy in a regulatory filing, stating its intention to repurchase approximately 81.8 million shares, representing 7.98 percent of its outstanding stock, between August 18 and September 12, with an official cancellation date set for September 24.
According to Yonhap News Agency, this move is part of HMM's broader commitment, declared in January, to return over 2.5 trillion won to its shareholders through dividends and buybacks within the current year. This buyback and cancellation marks a significant development for HMM, as it is the first of its kind since the company came under a creditor-led management system in 2016 due to financial challenges.