Hyundai Department Store Group Nears Completion of Holding Company Transition... "Daewon Kangup and Hyundai Futurenet Shareholding Adjustment"
Hyundai Department Store Group's transition to a holding company is entering its final stages. This is because Hyundai G.F. Holdings, the holding company, is accelerating efforts to meet the activity restriction requirements.
On the 24th, Hyundai Department Store Group announced that it decided to sell shares of Daewon Kangup and Hyundai Futurenet, which required share adjustments to meet the holding company activity restriction requirements, to its affiliates.
Exterior of Hyundai Department Store The Hyundai Seoul. Provided by Hyundai Department Store Group
View original imageAccording to the disclosure announced on the same day, Hyundai G.F. Holdings will purchase 10.1% of Daewon Kangup shares from its subsidiaries Hyundai Home Shopping (4,755,695 shares, 7.7%) and Hyundai Department Store (1,488,114 shares, 2.4%), respectively.
As a result, Hyundai G.F. Holdings' stake in Daewon Kangup will increase by 32.8% from the existing 22.7%. The transaction price per share is 4,620 KRW, which is a 20% premium over the closing price of the day (3,850 KRW), amounting to approximately 28.8 billion KRW. The scheduled transaction date is February 24, one month later.
At the same time, Hyundai Home Shopping has agreed to purchase 31,459,590 shares (28.5% stake) of Hyundai Futurenet held by Hyundai G.F. Holdings and Hyundai Department Store. The transaction price per share is 4,290 KRW, a 20% premium over the closing price of the day (3,575 KRW), with the total transaction amount around 135 billion KRW. Hyundai G.F. Holdings will transfer 6,534,810 shares (5.9%) to Hyundai Home Shopping for 28 billion KRW, and Hyundai Department Store will transfer 24,924,780 shares (22.6%) for 106.9 billion KRW.
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A Hyundai Department Store Group official explained, “As the grace period for the holding company activity restriction requirements is approaching, we proceeded with share transactions between affiliates in accordance with legal procedures and regulations to minimize the impact on stock prices.”
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