Hyundai Glovis: if at first you don't succeed

Chung family finally get the money they need to fund succession from father to son after re-launching divestment of shares in Hyundai Glovis, raising $1.064 billion.
Chung Mong-koo
Chung Mong-koo

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222