Hyundai Elevator will dispose of part of its shares in Hyundai Movex.
Hyundai Elevator said this in a transaction plan report on the 24th. Hyundai Elevator decided to sell 7.8 million shares of Hyundai Movex through off-hours trading from Oct. 24 to Nov. 22. Based on Hyundai Movex's closing price that day of 9,460 won, the amount is worth 73.8 billion won.
Once this transaction is completed, Hyundai Elevator's equity stake in Hyundai Movex will drop from 55.88% to 48.87%. Heo Jun-seo, a researcher at EUGENE INVESTMENT & SECURITIES, said, "It is expected that Hyundai Elevator will use the funds secured by selling its Hyundai Movex stake as shareholder return capital."
The possibility has grown that Hyundai Movex's share price will wobble. As investors flocked to the robotics sector overall due to the Yellow Envelope Act (revised Labor Union Act) and the 4.5-day workweek, Hyundai Movex's share price more than doubled from 4,655 won on the 1st this month. Earlier, the Korea Exchange designated Hyundai Movex as an investment warning issue.