Sales under way
Published: 23 Apr. 2014, 21:01
A signboard is shown at Hyundai Seurities’ headquarters in Yeouido, Seoul, yesterday after Hyundai Group secured 200 billion won ($192 million) by selling parts of its stakes in the brokerage firm. Hyundai Group creditor Korea Development Bank said it has supplied liquidity Hyundai Group, which will signal the start of selling three financial affiliates. In exchange for funds, KDB will get Hyundai Merchant Marine’s 14.9 percent stake in the broker. Hyundai Group late last year, in order to relieve its main affiliate Hyundai Merchant Marine from a tight liquidity crunch, announced a plan to secure 3.2 trillion won by selling its financial units - Hyundai Securities, Hyundai Savings Bank and Hyundai Asset Management. [NEWSIS]
with the Korea JoongAng Daily
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