another-18-of-hyundai-engineering-changes-hands

Another 1.8% of Hyundai Engineering changes hands

The $97 million trade seen as a precursor to the planned sale of a controlling stake later this year.
Another $97 million block of Hyundai Engineering and Construction shares changed hands Thursday when Korea Development Bank offloaded part of its holdings in the countryÆs largest builder at a tight 3% discount.

The transaction followed a similar sell-down by Korea Exchange Bank in June and is likely to increase speculation that Woori Bank, the third and final substantial shareholder with shares available for sale in the capital markets, will also make a move imminently.

The KDB sale, which was launched after the market closed on Wednesday, but priced eary yesterday morning August 3, also precedes the sale of a majority stake by the companyÆs creditors expected later this year.

The nine creditors, including...
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