$180 million block of Hyundai Steel shares changes hands

The first of three planned sell-downs in group units by Hyundai Capital is achieved at a tight discount.

Hyundai Capital Services, the automotive financing arm of Hyundai Motor, has sold $180 million worth of stock in Hyundai Steel in the first of three planned divestment exercises which will also include selling shares in Hyundai Motors and Kia Motors.

The block trade, which was launched after the Korean market closed yesterday, saw good demand from domestic investors in particular even though it was priced at a tight 2.65% discount to the most recent...

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