Step for Holding Company Structure
Hyundai Mipo Dockyard began to sell all of its stake in Hyundai Robotics Co. to eliminate cross-subsidiary shareholdings.
According to the IB industry on June 21, Hyundai Mipo Shipbuilding Co., Ltd. began to predict demand for block deals by institutional investors about its 9.65 million shares (16.63%) of Hyundai Robotics shortly after the closing bell on the day.
The price per share will be determined between 387,000 won (US$348) and 363,750 won (US$327) with the application of a discount rate band between 1% and 7% of the closing price of this day (391,000 won or US$351). The deal will be handled jointly by lead managers Credit Suisse and NH Investment & Securities. The stake will be estimated at 375.6 billion won (US$338) based on the closing price of the day.
Hyundai Mipo Dockyard is said to have decided to sell its stake in Hyundai Robotics in order to get rid of the new circular shareholding structure.
In April, a split off of the Hyundai Heavy Industries Group resulted in a new circular shareholding link from Hyundai Heavy Industries to Hyundai Samho Heavy Industries, Hyundai Mipo Dockyard and Hyundai Robotics.