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| June 27, 2000 | atimes.com | ||
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The Koreas
Founder increases stake in Hyundai Motor SEOUL - Hyundai Group founder and former honorary Chairman Chung Ju-yung has secured a 9.1 percent stake in Hyundai Motor by buying 2.19 percent of outstanding shares from Hyundai Engineering and Construction Co, the Hyundai restructuring committee said Monday. Thus Chung's stake increased from 6.9 percent to 9.1 percent while the construction company's share fell from 2.8 percent to 0.61 percent. ''Chung had said he would acquire around 9 percent of Hyundai Motor to show his strong attachment to the automobile business May 25,'' a Hyundai restructuring committee official said, adding that Chung bought the shares as an individual investor. Thus stockownership in Hyundai Motor changes as such: 10 percent owned by DaimlerChrysler, followed by 9.1 percent by Chung Ju-yung, Hyundai Precision and Industry Co 7.8 percent, Mitsubishi Motors Corp 4.8 percent and company Chairman Chung Mong-koo 4.01 percent. The Hyundai restructuring committee plans to submit an application for separation of the automobile subgroup from Hyundai Group to the Fair Trade Commission (FTC) Wednesday or Thursday. But the commission reconfirmed its opposition to the spin-off of Hyundai Motor from the Hyundai Group unless Chung Ju-yung reduces his stake to below 3 percent. A high FTC source said that the expansion of Chung's stake in Hyundai Motor ''represents a diametrical rejection'' of its persistent demand for lowering the stake. ''The Hyundai side claims Chung expanded his stake only as an individual investor, but he actually holds say,'' he said, emphasizing the stake in the motor unit must be reduced to below 3 percent to qualify for separation. (Asia Pulse/Yonhap) |
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