SEOUL– Hyundai Commercial Inc., the second-largest stakeholder of Hyundai Card Corp., said Friday it will push to purchase an additional stake in the card payment company from retail investors to help them cash in their holdings.
Hyundai Commercial said it has decided to acquire some 4.85 million shares, or about 3.02 percent, of Hyundai Card stakes that are currently owned by 1,946 investors, at 13,757 won per share.
Hyundai Commercial currently owns a 28.56 percent stake in Hyundai Card, the second largest after Hyundai Motor Co. with 36.96 percent.
Hyundai Commercial’s decision also came after Taiwan’s Fubon Financial Holding Co. emerged as Hyundai Card’s No. 3 shareholder last month with a 19.98 percent stake.
With Fubon’s participation as a strategic investor, Hyundai Card said it will not consider an initial public offering (IPO) for a while.
“We decided to buy the stakes from small investors who were expecting Hyundai Card’s IPO and give them opportunities to cash in their holdings,” Hyundai Commercial stated.
Source: Yonhap News Agency