Controlling shareholders trim stake in Hyundai Wia

Hyundai Motors and Kia Motors raise $300 million by reducing their combined ownership of the autoparts maker to 41%.
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Hyundai Motors trims its stake in autoparts maker Hyundai Wia (AFP)</div>
<div style="text-align: left;"> Hyundai Motors trims its stake in autoparts maker Hyundai Wia (AFP)</div>

A 10% block of Hyundai Wia Corp shares changed hands last night as two of the company’s shareholders took advantage of improving sentiment in the equity capital markets to reduce their controlling stake.

Hyundai Motor Corp and its 33.7%-owned subsidiary Kia Motors raised W338.2 billion $300 million by trimming their combined stake in the automotive parts maker to 41% from 51%. The sellers, which reduced their individual holdings proportionally, provided no real reason for the move, but one source noted that Korean conglomerates are starting to realise that having a lot of their capital locked-up in group companies often through cross-shareholdings is not an efficient use of their capital. In...

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