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SEOUL (Reuters) -South Korea’s Hyundai Glovis Co Ltd said on Wednesday a company called Project Guardian Holdings Limited took a stake worth about 611 billion won ($510 million) in the logistics company.
The shares in the Hyundai Motor affiliate were sold by Hyundai Motor Group Chairman Euisun Chung and Honorary Chairman Mong-Koo Chung, Hyundai Glovis said in a regulatory filing. Mong-Koo Chung and Euisun Chung are father and son.
Private equity giant Carlyle Group is the buyer of the roughly 10% stake in Hyundai Glovis through the Cayman Islands-based Project Guardian Holdings Limited, South Korean newspaper Chosun Ilbo reported citing the company.
Hyundai Motor and Hyundai Glovis spokespeople could not be immediately reached for comment. Carlyle did not immediately respond to a request for comment.
South Korea had recently strengthened its antitrust regulations against listed companies with more than 20% stake held by owner families, down from a 30% stake.
($1 = 1,198.1300 won)
Reporting by Joyce Lee & Heekyong Yang; editing by Jason Neely and Emelia Sithole-Matarise
