Hyundai Motor block extends group asset sale

Hyundai Heavy Industries and Hyundai Samho Heavy Industries raised $191 million from a clean-up sale of Hyundai Motor shares.

Hyundai Heavy Industries sold its entire shareholding in Hyundai Motor for W226 billion $191 million through a secondary block trade late Wednesday as it continues to offload non-core assets as part of a corporate restructuring exercise.

Wednesday’s trade saw Hyundai Heavy Industries and its subsidiary, Hyundai Samho Heavy Industries, sell a combined 1.65 million shares in the automotive manufacturing unit at W136,700 per share, according to sources familiar with the situation.

The final pricing was just off the bottom end of the W136,600 to W139,000 marketed range and represents a discount of 1.65% to the stock’s last closing price.

The transaction, solely run by...

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