Kia Motor sold a 10% stake in Hyundai Hysco yesterday August 3 raising $121 million via Credit Suisse First Boston. The car manufacturer sold 8.14 million shares at Won15,100, which represented a 5% discount to the stock's Won15,900 close.
As a result of the sale its stake will drop to 15%.
The discount was fairly steep for such a small deal, but understandable in the context of the stock's massive run-up. Year-to-date, it has risen 109.76% and 288.22% on a one-year basis.
This share price appreciation has been attributed to the halo effect of sister companies Hyundai Motor and Kia Motor. Hyundai Hysco...