Hyundai Heir Apparent Buys 8 Bln Won Of Stocks To Boost Prices

Hyundai Motor Group's heir apparent has bought over 80 billion won (US$65 million) worth of stocks in two key affiliates to boost their share prices amid the spread of COVID-19, the company said Thursday

SEOUL, (UrduPoint / Pakistan Point News - 26th Mar, 2020 ) :Hyundai Motor Group's heir apparent has bought over 80 billion won (US$65 million) worth of stocks in two key affiliates to boost their share prices amid the spread of COVID-19, the company said Thursday.

In the past five trading sessions, Hyundai Motor Group Executive Vice Chairman Chung Euisun bought a total of 81.7 billion won worth of stocks in Hyundai Motor Co. and its auto parts maker Hyundai Mobis Co. to show the group's commitment to improving business performance and shareholder value, a Hyundai spokesman said.

"The executive vice chairman used his own capital to buy the stocks," he said.

After the purchases, Chung owns a 2.62 percent stake in Hyundai Motor and 0.32 percent in Hyundai Mobis.

Hyundai Motor has temporarily suspended operations of its plants in the United States, India and Brazil due to supply disruptions and lower demand caused by the virus outbreak.

Shares in Hyundai Motor rose 2.4 percent to 86,600 won, and Hyundai Mobis climbed 1.8 percent to 172,500 won, helped by the share purchases as of 12:00 p.m. The broader KOSPI gained 0.8 percent.

Hyundai Motor and Mobis plunged 40 percent and 36 percent, respectively, this month through Monday, before rebounding Tuesday.