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SK Hynix to build new chip plant in South Korea, plans share buyback

Shares of South Korean chip maker SK Hynix Inc. gained more than 3.5% on July 27 after the company announced a $1.6 billion share repurchase plan and said it would build a new semiconductor fabrication plant at its headquarters in Icheon, Gyeonggi-do.

The company said it would invest 3.5 trillion South Korean won in the plant. Construction on the site will begin in late 2018 and is expected to be completed in October 2020.

SK Hynix said it is building the new plant in response to rising demand for memory chips and will choose the types of chips to be produced later based on market conditions and its capabilities.

The company's shares were up 3.61% as of 11:51 p.m. ET.

The chip maker said it plans to repurchase 1.8 trillion won of its shares, Reuters reported. SK Hynix's net profit surged 75% to 4.329 trillion South Korean won in the quarter that ended June 30, from 2.469 trillion won a year earlier.