S.Korea's Hyundai Glovis rallies on hopes for group ownership structure overhaul

Hyundai Glovis

20/10/2020 04:23

** Hyundai Glovis Co Ltd  086280.KS , the logistics arm of
Hyundai Motor Group, surges as much as 27.2% to a near five-year
high of 222,000 won ($194.88) on expectations of group ownership
structure overhaul 
    ** "After the new chairman came in, there are growing
expectations of Hyundai Motor Group's ownership structure
overhaul to unwind circular shareholdings," - Jay J H Ryu, an
analyst at Mirae Asset Daewoo
    ** Hyundai appointed Euisun Chung as group chairman last
Wednesday, cementing his inheritance of leadership of the
world's fifth-largest automaker group from his father
 urn:newsml:reuters.com:*:nL4N2H4511
    ** Chung's appointment could accelerate the ownership
structure overhaul - Ryu  
    ** The benchmark KOSPI  .KS11  down 0.8%, as of 0300 GMT
($1=1,139.1400 won)

 (Reporting by Heekyong Yang)
 ((Heekyong.Yang@thomsonreuters.com; +82 2 6936 1470;))