Domestic private equity fund (PEF) manager J&Private Equity (PE) sold 4.97% of HYUNDAI HYMS equity via a block deal (after-hours trading). While its stake has fallen to 35%, the process to sell management control will continue.
According to the Financial Supervisory Service's electronic disclosure system on the 22nd, Hercules Holdings LLC, the largest shareholder of HYUNDAI HYMS, sold 1,755,000 HYUNDAI HYMS shares, equivalent to 4.97% of the total number of issued shares, via after-hours trading after the market closed that day. The sale price was 18,000 won per share, for a total sale of 31.5 billion won.
With this sale, Hercules Holdings' stake in HYUNDAI HYMS fell to 35.65% from 40.62%. J&PE also sold 12.75% of HYUNDAI HYMS via after-hours trading in Oct., recouping 102 billion won.
The process to sell management control will continue. J&PE selected NH Investment & Securities and Samil Accounting Corp. as sale advisors and is looking for a buyer to acquire management control of HYUNDAI HYMS. As the company has slimmed down through two block deals, the sale is expected to proceed more smoothly.
HYUNDAI HYMS is a shipbuilding equipment company that manufactures interior components, outfitting painting, and ship blocks. J&PE invested 100 billion won in redeemable convertible preferred shares (RCPS) in 2019 to acquire 75% equity. HYUNDAI HYMS' revenue rose to 223.1 billion won in 2024 from 115.5 billion won in 2019. During the same period, operating profit increased from 6.2 billion won to 21.5 billion won.