US investment firm Capital Group Companies has offloaded a 2.56 percent stake in South Korea’s largest carmaker Hyundai Motor for 660.8 billion won ($570.9 million), according to a regulatory filing on Wednesday.
With the stock sale, Capital Group, through its 32 specially related parties including funds and subsidiaries, now owns 4.54 percent voting rights in Hyundai Motor, which controls car brands Hyundai, Genesis and Kia.
This comes as a result of over 300 transactions by the California-based investment house from Sept. 27 to Dec. 12 last year.
Capital Group did not specify the reason behind the stake sell-off. The disclosure also indicated that Capital Group “will not exercise de facto influence on the management of the company.”
Hyundai Motor is the sixth-largest company by market cap on the main bourse Kospi. Its market cap came to 24.5 trillion won as of Wednesday session’s close.
By Son Ji-hyoung (email@example.com