Hyundai Glovis Sells 10% Stake of Chung Mong-koo and Chung Eui-sun to Carlyle

[Asia Economy Reporter Dongwoo Lee] Hyundai Glovis announced on the 5th that it sold 10% of the shares held by Honorary Chairman Chung Mong-koo and Chairman Chung Eui-sun of Hyundai Motor Group to the private equity firm Carlyle Group. As a result, Carlyle became the third largest shareholder of Hyundai Glovis.

The sold shares total 10%, combining Honorary Chairman Chung Mong-koo's 6.71% and Chairman Chung Eui-sun's 3.29%. Honorary Chairman Chung Mong-koo sold all his shares and was excluded from special related parties. Chairman Chung Eui-sun's stake decreased from 23.29% to 20%.

Carlyle Group acquired the shares through the special purpose company (SPC) Project Guardian Holding Limited for a total of 611.3 billion KRW, becoming a major shareholder.

The major shareholders of Hyundai Glovis have changed to Chairman Chung Eui-sun (20%), Den Norske Amerikalinje AS (11%), Carlyle (10%), Hyundai Motor Company (4.88%), and Hyundai Motor Chung Mong-koo Foundation (4.46%), in that order.

Hyundai Glovis stated, "This sale is intended to enhance shareholder value of Hyundai Glovis and to resolve market uncertainties."

This content was produced with the assistance of AI translation services.