Hyundai Motor Plans KRW 1.2 Trillion Financial Deal with Affiliate

MT Newswires Live

Jul 24

Hyundai Motor (KRX:005380) plans to carry out a financial transaction with its affiliate, Hyundai Motor Securities, totaling 1.2 trillion won, covering the period from Oct. 1 to Dec. 31.

The deal involves two types of fund management instruments: 200 billion won in short-term demand deposits and 1 trillion won in term deposits. Both carry market interest rates, according to a Korea bourse filing on Thursday.

The transaction, approved by the board on Thursday, is intended solely for fund management purposes and falls under the Fair Trade Commission's reporting requirements per Article 26 of the Monopoly Regulation and Fair Trade Act.

No procured funds are involved, and the entire 1.2 trillion won represents the placement of operational cash through the affiliated securities firm.

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