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Hyundai Heavy takes more stock actions to meet holding transition

Collected: 2017.06.22

Distributed: 2017.06.26

Source: Go Direct

Hyundai Heavy Industries on Wednesday disclosed that its subsidiary Hyundai Mipo Dockyard Co. was selling its entire 7.98 percent stake in Hyundai Robotics Co. in an after-hour block sale as part of efforts to simplify its cross-affiliate shareholding in compliance with its holding entity transition.

The 960,540 shares would amount to 375.6 billion won ($329.2 million).

Hyundai Heavy Industries in April carried out a split-up into four entities. To meet with the fair trade requirement, Hyundai Mipo must discard all its holdings in Hyundai Robotics by the end of September as a subsidiary under one holding entity cannot own shares in another.

In a separate move on June 12, Hyundai Robotics had exchanged new shares for shares in other affiliates as it would have to up its stake-holding in listed units it oversees as a holding parent to nearly 30 percent.

By Yoon Jin-ho

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