Hyundai in talks to sell stake in logistics unit

[SINGAPORE] Hyundai Group, the South Korean conglomerate planning to raise 3.3 trillion won (S$4 billion) from asset sales to ease a cash crunch, is in talks to sell a stake in its logistics unit to Orix Corp in Japan.

The details, price and how the stake will be sold are under discussion, group spokesman Lee Jun Ki said.

Hyundai Group, one of South Korea's so-called chaebols, will sell part of its stake in Hyundai Logistics for 650 billion won to a special-purpose company that will be formed by Hyundai Merchant Marine Co and Orix, Seoul Economic Daily said, citing unidentified officials.