Hyundai Mobis to buy back 221b won worth of stocks

Hyundai Mobis Co., South Korea's biggest auto parts maker, said Tuesday it will buy back 221 billion won ($189 million) worth of its stocks in the fourth quarter to enhance shareholder value.

Hyundai Mobis plans to buy back 983,000 stocks from Oct. 5 through Dec. 28 to stabilize the stock prices and improve shareholder value, the company said in a regulatory filing.

The company said it will cancel 62.5 billion worth of stocks out of the 983,000 shares to be bought and hold the remainder for more than six months to prop up the stock prices.

Hyundai Mobis is a key affiliate of Hyundai Motor Group, which has Hyundai Motor Co. and Kia Motors Corp. under its wing. (Yonhap)