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Hyundai Group fails to sell brokerage unit

Hyundai Group’s failure to sell its brokerage unit is expected to deal a blow to its efforts to improve finances and secure cash flows, analysts said Tuesday.

On Monday, Orix Corp. made it clear that it has no intention of taking over Hyundai Securities.

The Japanese private equity fund firm has reportedly sought to acquire a 22.43 percent stake in the securities house from Hyundai Merchant Marine, the flagship company of the conglomerate, for 647.5 billion won.

HMM has to repay debts of 1.5 trillion won ($1.3 billion) by December this year, which include borrowings, corporate bonds, corporate bills and financial lease, industry watchers said.

Hyundai Group had pushed for the sale of the securities firm as part of its restructuring scheme.

By Kim Yon-se (kys@heraldcorp.com)
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