The heir apparent and current chairman of Korea's second biggest chaebol finally managed to divest a stake in Hyundai Glovis after Thursday's close, nearly one month after the first attempt failed.
Chairman Chung Mong-koo and his son Chung Eui-sun raised $1.064 billion after selling a 5.022 million block of shares in Hyundai Glovis at Won 230,500. This represented a 2.74% discount to the stock's Won 237,000 close and just below the mid-point of a 1.9% to 4.01% range.
Chung junior sold 3.22 million shares and Chung senior 1.8 million.
Citi was once again lead manager of the transaction alongside NH Investment and Securities. The...