July 16, 2012 / 9:03 AM / in 5 years

Hyundai Heavy says to sell $649 mln stake in Hyundai Motor

July 16 (Reuters) - South Korean shipbuilder Hyundai Heavy Industries said on Monday that it has decided to sell a 746.4 billion Korean won ($648.87 million) worth stake in automaker Hyundai Motor to improve its financial health.

The move came after South Korean refiner Hyundai Oilbank, 91.1 percent owned by Hyundai Heavy, postponed its planned $2 billion initial public offering in June due to the euro zone crisis, and ahead of a suspension of Iran crude imports on western sanctions.

Hyundai Heavy will still hold a 2 percent stake in the automaker after the sale. ($1 = 1150.3000 Korean won) (Reporting By Ju-min Park and Hyunjoo Jin; Editing by Muralikumar Anantharaman)

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