Kia Motors, Hyundai Motor to buy US$600m stake in Hyundai Capital from GE

[SEOUL] Hyundai Motor and Kia Motors will buy a 23.3 per cent stake in auto financing affiliate Hyundai Capital from General Electric for 703 billion won (S$843.6 million), the automakers said on Tuesday.

Hyundai Motor, South Korea's biggest automaker, plans to acquire a 3.2 per cent stake worth 96 billion won, while second-placed Kia Motors would buy a 20.1 per cent stake worth 607 billion won, the two companies said in public filings.

Hyundai Motor also said it could buy the remaining 20 per cent stake GE has in Hyundai Capital in the future.

REUTERS