Hyundai Glovis says Hyundai Motor Group owner family members sell $510 mln stake (updated)

Hyundai Glovis

05/01/2022 10:25

(Adds details)
    By Heekyong Yang and Joyce Lee
    SEOUL, Jan 5 (Reuters) - South Korea's Hyundai Glovis Co Ltd
 086280.KS  said on Wednesday a company called Project Guardian
Holdings Limited took a stake worth about 611 billion won ($510
million) in the logistics company. 
    The shares in the Hyundai Motor  086280.KS  affiliate were
sold by Hyundai Motor Group Chairman Euisun Chung and Honorary
Chairman Mong-Koo Chung, Hyundai Glovis said in a regulatory
filing. Mong-Koo Chung and Euisun Chung are father and son.
    Private equity giant Carlyle Group is the buyer  CG.O  of
the roughly 10% stake in Hyundai Glovis through the Cayman
Islands-based Project Guardian Holdings Limited, South Korean
newspaper Chosun Ilbo reported citing the company. 
    Hyundai Motor and Hyundai Glovis spokespeople could not be
immediately reached for comment. Carlyle did not immediately
respond to a request for comment. 
    South Korea had recently strengthened its antitrust
regulations against listed companies with more than 20% stake
held by owner families, down from a 30% stake.  
    
    ($1 = 1,198.1300 won)

 (Reporting by Joyce Lee & Heekyong Yang; editing by Jason Neely
and Emelia Sithole-Matarise)
 ((joyce.lee@tr.com;))