(Seoul = Yonhap Infomax) Reporter Lee Mi-ran = Hyundai Department Store, which is following a personnel split, will buy and retire its own stock as a shareholder return policy.
Hyundai Department Store announced on the 31st that it would buy and retire 6.6% of its treasury stock within three years after the split.
In addition, Hyundai Department Store Holdings, a company newly established after the split, announced that it would retire 6.6% of its treasury shares according to the split ratio within one year after the split.
Hyundai Department Store also established a dividend policy that guarantees a total dividend of 24 billion won for the 2021 business year.
Hyundai Department Store Holdings also plans to guarantee a total dividend of more than 15 billion won.
Hyundai Department Store explained, “If the dividend policy is established as planned by the surviving company and the new company after the split, the dividend amount of the new company will be added in addition to the existing dividend amount, so there will be the combined dividend amount of both companies will increase compared to before the split.”
Hyundai Department Store intends to implement such shareholder return policy when the business result is passed in the general meeting of shareholders on the 10th of next month.
If the spin-off agenda passes the shareholders’ meeting, Hyundai Department Store will be split into the existing Hyundai Department Store and the newly established Hyundai Department Store Holdings on March 2.
mrlee@yna.co.kr
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