Hyundai becomes largest shareholder of KT after winning gov't approval
Published: 19 Sep. 2024, 17:32
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- SARAH CHEA
- chea.sarah@joongang.co.kr
Hyundai Motor Group received government approval to become the largest shareholder of KT, one of Korea’s three major mobile carriers.
The Ministry of Science and ICT said Thursday it granted Hyundai permission to be the largest shareholder of KT, considering that the position "won't harm public interest" as Hyundai has "no intention of engaging in management."
Hyundai owns a total 8.07 percent stake in KT as of August, with Hyundai Motor having 4.86 percent and Hyundai Mobis having 3.21 percent, according to an electronic disclosure.
The approval came as Hyundai involuntarily emerged as the largest shareholder after the National Pension Service (NPS), the former largest shareholder, in March sold off some 2.89 million shares of KT to reduce its stake to 7.51 percent from 8.53 percent
Cooperation between Hyundai and KT is expected, especially in the future mobility sector, with KT's communication technologies to be used in developing autonomous cars and urban air mobility vehicles, or flying taxis.
BY SARAH CHEA [chea.sarah@joongang.co.kr]
with the Korea JoongAng Daily
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