March 30, 2018 / 1:00 AM / 10 months ago

Hyundai Mobis, Glovis shares fall on group restructuring plan

SEOUL (Reuters) - Shares of Hyundai Mobis (012330.KS) extended losses on Friday falling as much as 3.5 percent on worries its parent group’s restructuring plan will disadvantage Mobis shareholders.

Its affiliate Hyundai Glovis (086280.KS), which will acquire two divisions to be spun off from Hyundai Mobis, fell as much as 6 percent, reversing their sharp gains on Thursday.

Hyundai Mobis will spin off its domestic module and after-service parts businesses and merge them with Hyundai Glovis, a logistics firm, a plan which needs the approval of both companies’ shareholders on May 29.

Reporting by Hyunjoo Jin and Dahee Kim; Editing by Michael Perry

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