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Hyundai Motor family sold $1.1 bln stake in affiliate-source
February 5, 2015 / 9:58 PM / in 3 years

Hyundai Motor family sold $1.1 bln stake in affiliate-source

SEOUL, Feb 6 (Reuters) - The chairman of Hyundai Motor Co and his son successfully sold their entire 13 percent stake in affiliate Hyundai Glovis Co Ltd offered in a block deal worth about 1.16 trillion Korean won ($1.07 billion), a person with direct knowledge of the matter said on Friday.

Chairman Chung Mong-koo and son Chung Eui-sun sold 5.02 million shares in Hyundai Glovis at 230,500 won each, versus an offered range of 227,500-232,500 won, according to the source.

The sale price is at a discount of 2.7 percent of stock’s closing price of 237,000 won on Thursday.

A Hyundai Motor spokesman did not have immediate comments. ($1 = 1,085.7500 won) (Reporting by Hyunjoo Jin and Joyce Lee)

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