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Hyundai Motor chairman, son to sell US$1b stake in Hyundai Glovis

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Chung Mong-koo, chairman of Hyundai Motor Group and Chung Eui-sun, his son, are offering a combined 13.4 per cent stake in Hyundai Glovis at 227,500 won to 232,500 won per share.

[SEOUL] The chairman of Hyundai Motor Co and his son on Thursday restarted the sale of a 13 per cent stake in Hyundai Glovis Co Ltd worth about US$1 billion, according to a term sheet seen by Reuters.

Chung Mong-koo, chairman of Hyundai Motor Group and Chung Eui-sun, his son, are offering a combined 13.4 per cent stake in Hyundai Glovis at 227,500 won to 232,500 won per share, a discount of 1.9 to 4 per cent from Thursday's closing price, the term sheet said.

Last month, a similar sale priced at 264,000 won to 277,500 won per share was scrapped after failing to generate sufficient interest from local institutional investors.

REUTERS