This photo provided by Hyundai Motor Group shows the group’s headquarters in southern Seoul. (Image courtesy of Yonhap)
SEOUL, Apr. 2 (Korea Bizwire) – Hyundai Motor Group has become the largest shareholder of a leading mobile carrier, KT Corp., the communications service provider said Tuesday in a regulatory filing.
Hyundai’s status as the largest shareholder, however, requires approval from the science ministry.
The change came as the National Pension Service, previously the largest shareholder of KT, sold some 2.88 million shares on the day, lowering its stake in the mobile service provider to 7.51 percent from 8.53 percent, according to KT.
Hyundai Motor’s stake in KT climbed to 7.89 percent, making it the largest shareholder.
The carmaker’s status as the largest shareholder will be officially confirmed when and if the science ministry approves the transaction, according to informed sources.
(Yonhap)
