Hyundai Steel will sell 10.0% of its equity in HYUNDAI BNG STEEL to Jeong Il-seon, the CEO of HYUNDAI BNG STEEL.
Hyundai Steel announced on the 24th that it decided to sell 1,507,881 shares of its 6.2 million shares (41.12%) in HYUNDAI BNG STEEL to CEO Jeong.
The selling price per share is 15,408 won, and the total disposal amount is 23.2 billion won. The planned disposal date is the 25th of next month.
Hyundai Steel is the largest shareholder of HYUNDAI BNG STEEL. CEO Jeong, his brother Jeong Mun-seon, the vice president of HYUNDAI BNG STEEL, and Hyundai Materials are involved as related parties. CEO Jeong and Vice President Jeong are cousins of Chung Eui-sun, the chairman of Hyundai Motor Group.
After the disposal of equity, Hyundai Steel's ownership rate in HYUNDAI BNG STEEL will decrease to 31.1% (4,692,119 shares). Hyundai Steel explained, "This is to secure liquidity by selling part of its shares."
Hyundai Steel also separately announced that it will contribute 10.3 billion won to the employee welfare fund on this day.