S.Korea's Hyundai Glovis falls 5 pct on regulation risks

Hyundai Glovis

02/08/2018 05:33

** South Korea's Hyundai Motor Co  005380.KS  affiliate
Hyundai Glovis Co Ltd  086280.KS , a logistics company, drops on
fresh concerns that it may come under tougher regulatory
scrutiny over unfair trading practices
    ** CEOSCORE, a Seoul-based organisation that monitors the
chaebols released a report on Wednesday saying South Korean
conglomerates, including Hyundai Motor Group, could face
additional corporate disclosure requirement and other penalties
should the government impose tougher restrictions on internal
trading practices among affiliates
    ** Fresh regulations could kick in on large shareholders who
have more than a 20 percent stake, a tougher scheme from current
regulations that allow large shareholders to hold up to 30
percent of shares without restrictions on internal trading among
affiliates
    ** The chairman of Hyundai Motor Chung Mong-koo and his son
Chung Eui-sun, the company's vice chairman, own a total 30.0 pct
of Hyundai Glovis stakes, according to a report issued in early
June by Hyundai Glovis
    ** Shares of Hyundai Glovis declines as much as 5.1 pct
    ** Hyundai Motor Co  005380.KS  owns 4.88 pct of the
company's stakes
    ** Hyundai Motor tumbles 3.5 pct, extending its loss to
three consecutive sessions
    ** Broader market  .KS11  down 1.7 pct as of 0416 GMT

 ((Reuters Messaging: 
joori.roh.thomsonreuters.com@reuters.net))