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.

<div style="text-align: left;"> Hyosung promoting its business at a festival in Changwon, Korea </div>

Anette Jönsson

March 01, 2013

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.

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