Hyundai Engineering hopes to go public

Hyundai Engineering said Tuesday it is pushing to go public in a move to further expand its presence in the global market.

Hyundai Engineering sent requests for proposals to major securities firms at home and abroad Friday for its initial public offering here.

The company's market debut could take place within this year as the process could take about six months after sending requests for proposals.

Hyundai Engineering & Construction is the largest shareholder of Hyundai Engineering with a 38.62 percent stake.

Hyundai Motor Group Chairman Euisun Chung is the second-largest shareholder with 11.72 percent and his father and honorary chairman Chung Mong-koo holds a 4.68 percent stake in Hyundai Engineering.

Hyundai Glovis, a logistics unit of Hyundai Motor Group, holds an 11.67 percent stake in Hyundai Engineering, while Kia and Hyundai Mobis hold a 9.35 percent stake, respectively.

Last year, Hyundai Engineering's sales reached 7.18 trillion won ($6.37 billion) and its operating profit came to 258.7 billion won.
Yonhap