Hyundai Motor Group, the country’s second-largest conglomerate, said in a press release that it has started to contact potential investors to resume the sale of 5,022,170 shares of Hyundai Glovis owned by the two Chungs. (image credit: Yonhap)
The shares will be sold at prices ranging from 227,520 won (US$208.64) to 232,260 won, a 2-4 percent lower than their Thursday closing price of 237,000 won on the stock market.
The group said that the planned sale is aimed at meeting toughened government regulations on intra-group transactions which are being applied to conglomerate owners and their families owning 30 percent or higher stakes in other affiliates.
Currently, the senior Chung holds 11.51 percent in Hyundai Glovis, while Eui-sun, vice chairman of Hyundai Motor, owns 31.88 percent.
If the sale goes as planned, the two Chungs’ stake in Hyundai Glovis will decline to 29.99 percent, though they will keep their largest shareholder status in the company.
Some observers suspect that the move might be an attempt to raise money needed for Eui-sun to gain control of the management of the group under which there are Hyundai Motor Co. and Kia Motors Corp., the country’s largest and second-largest automakers.
Hyundai Motor dismissed the suspicion, saying that the stake sale has nothing to do with corporate governance.
(Yonhap)
