New Holdings Rule Spurs Hyundai Motor Share-Shuffling

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New Holdings Rule Spurs Hyundai Motor Share-Shuffling

Firms affiliated with Hyundai Motor Co. bought and sold some 80 million shares among themselves Tuesday during after-hour trading to meet the ceiling on cross-unit equity holdings.

The Korea Stock Exchange said the cross trading amounted to 79.77 million shares worth 651.3 billion won ($515 million). Beginning in April, companies cannot invest more than 25 percent of their net asset value in an affiliated firm.

Among the transactions, Inchon Iron & Steel Co. sold 49.73 million shares in Kia Motors Corp. to Hyundai Motor, which in turn handed over 14.09 million shares in the steelmaker to Kia Motors.

Through the deal, Hyundai Motor secured a 45.9-percent stake in Kia Motors.


by Kim Kwang-ki

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