Son of founder sells bulk of his stake in Hyosung Corp

The deal raises $116 million after decent demand allows the price to be fixed above the mid-point. But the discount to the latest close is still 7.1% and the Korean conglomerate has fallen almost 25% this year.
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Hyosung promoting its business at a festival in Changwon, Korea
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<div style="text-align: left;"> Hyosung promoting its business at a festival in Changwon, Korea </div>

A member of the founding family has sold most of his shares in Hyosung Corp through a block trade, raising W126 billion $116 million. The deal was launched and completed after the Korean market closed yesterday two days after the Korean conglomerate reported worse-than-expected fourth quarter earnings.

Hyosung is mainly active in the manufacturing of industrial materials, synthetic textiles and other chemical products, as well as general trading businesses, but also has a number of other business lines. In Korea it is well-known for its ATM machines.

Its share price dropped 7.3% on Wednesday and another 1.2% yesterday, but a source said the sale was unrelated...

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