Economy45 minutes ago (Jan 05, 2022 05: 55AM ET)
(c) Reuters. FILE PHOTO: Euisun Chung, executive chair of Hyundai Motor Group, speaks at a Hyundai news conference during CES 2022 in Las Vegas, Nevada, U.S. January 4, 2022. REUTERS/Steve Marcus
By Heekyong Yang and Joyce Lee
SEOUL (Reuters) -Private equity giant Carlyle Group (NASDAQ:) bought a 10% stake in logistics company Hyundai Glovis Co Ltd worth about 611 billion won ($510 million), Hyundai Motor Group said on Wednesday.
The shares in Hyundai Motor group affiliate were sold by Chairman EuisunChung and Honorary Chairman Mong Koo Chung, Hyundai Glovis stated in a regulatory filing. Mong-Koo and Euisun are son and daughter.
“Carlyle’s strong operational value-creation capabilities and deep sector expertise will benefit Hyundai Glovis’ corporate value and shareholder value going forward,” the group stated in a statement.
Carlyle didn’t immediately respond to a request of comment.
South Korea recently strengthened its antitrust regulations against listed companies with more than 20% held by owner families, down from a 30% stake.
($1 = 1,198. 1300 won)
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