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Hyundai Motor Group Chairman Chung Euisun (Yonhap) |
Hyundai Motor Group Chairman Chung Euisun and honorary group chief Chung Mong-koo sold their combined 10 percent stake in Hyundai Glovis to the global private equity firm Carlyle Group, the logistics unit of the group said Wednesday.
The junior Chung sold a 3.29 percent stake and his father unloaded a 6.71 percent interest in Hyundai Glovis at 163,000 won (US$136) per share through block trading, the company said in a regulatory filing.
The stake sale is valued at around 610 billion won.
The block sale made Carlyle Group the third-largest shareholder in Hyundai Glovis. Hyundai Motor Chairman Chung is the largest shareholder with 19.99 percent. His father has no stake in Glovis.
"The move is aimed at raising shareholders' value and dispelling market uncertainty," Hyundai Glovis said.
Shares of Hyundai Glovis closed at 173,000 won on the main bourse on Wednesday, unchanged from the previous session.
Industry watchers said the stake sale seemed aimed at coping with the antitrust regulator's strengthened rules on inter-affiliate trading by large companies.
The revised fair trade act, effective since Dec. 30, forbids inter-affiliate trading within a business group whose chief and owner family hold 20 percent or more of the shares in an affiliate. Previously, the threshold was 30 percent. (Yonhap)
