Korea's MMAA divests Kumho Tire stake

Military Aid Association sells out of Kumho Tire.

Korea's Military Mutual Aid Association MMAA divested its remaining 15% stake in Kumho Tire on Friday, raising $158 million from the sale of 10 million shares.

The JPMorgan-led deal followed a placement one-day earlier involving parent Kumho Industrial. This saw the latter re-purchase a 10% stake from MMAA under the terms of a call option embedded in Kumho Tire's dual listing earlier this year on the London and Seoul stock exchanges.

The two secondary sales mark end to MMAA's two-year investment in Kumho Tire, with Kumho Industrial now becoming the major shareholder again. The exercise of the call option at a strike price of...

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