by Ryu Hyunseok
Published 13 Nov.2020 19:32(KST)
[Asia Economy Reporter Hyunseok Yoo] Hyosung Group is completing the restructuring of its holding company system by finalizing the sale of Hyosung Capital.
On the 13th, Hyosung announced that it will sell 88,401,54 shares (97.5% stake) of Hyosung Capital to the ST Leaders Private Equity (PE) - Saemaeul Geumgo Central Association consortium for 375.2 billion KRW.
Hyosung, which held a 97.5% stake in Hyosung Capital, is selling all of its shares. The sale date is set for the 28th of next month.
Hyosung transitioned to a holding company as of January 1 of last year. To resolve the issue of separation of finance and industry under the Fair Trade Act, which prohibits holding companies from owning financial companies, Hyosung had to sell its financial subsidiary Hyosung Capital by the end of this year.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.