KT and Hyundai Motor Group Exchange 750 Billion Won in Stocks for "Strategic Partnership" (Update)

Hyundai Motor 4.5 Trillion KRW · Hyundai Mobis 300 Billion KRW Scale
KT to Dispose of About 20 Million Treasury Shares

[Asia Economy Reporter Cha Min-young] KT has engaged in a stock swap worth approximately 750 billion KRW with Hyundai Motor Group to cooperate in the mobility business. The stock swap targets are about 450 billion KRW worth of Hyundai Motor shares and about 300 billion KRW worth of Hyundai Mobis shares.

According to the Financial Supervisory Service's electronic disclosure on the 7th, KT decided to dispose of about 20.11 million treasury shares at 37,100 KRW per share on the same day. The total disposal amount is 745.9 billion KRW, and the shares will be sold over-the-counter from the 8th to the 14th. KT stated, "The purpose is to establish a strategic partnership to strengthen business cooperation."

The funds raised will be used to purchase shares of Hyundai Motor and Hyundai Mobis. KT plans to acquire a 1.04% stake in Hyundai Motor for 445.6 billion KRW and a 1.46% stake in Hyundai Mobis for 300.3 billion KRW.

Meanwhile, KT, Hyundai Motor, and Hyundai Mobis included a condition in this stock purchase agreement that "if, after the disposal restriction period expires, a general company intends to dispose of shares acquired, the other party company holds a right of first refusal, allowing a designated person by the other party company to have priority in purchasing those shares."

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