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Hyundai Motor heir Chung raises his stake in company

Hyundai Motor vice chairman Chung Eui-sun spent 300 billion won ($259.3 million) to purchase 1.84 million shares, or 0.84 percent, in the nation’s top automaker from Hyundai Samho Heavy Industries, company officials said Tuesday. 

Chung Eui-sun (The Korea Herald)
Chung Eui-sun (The Korea Herald)

In its regulatory filing, the carmaker said Chung, the only son of group chairman Chung Mong-koo, bought the shares at 162,500 won apiece during after-hour trading.

Market analysts said the junior Chung’s move is seen as an aim to tighten his grip on the company.

The purchase raised the vice chairman’s stake in the global carmaker from 1.44 percent to 2.28 percent.

It is the latest of Chung’s moves to purchase the company shares.

In September, he purchased 3.16 million Hyundai Motor shares from Hyundai Heavy Industries for nearly 500 billion won ($419.3 million). Hyundai Samho is an affiliate of Hyundai Heavy Industries, the world’s top shipbuilder.

“Vice chairman Chung additionally purchased the shares to ensure stable management and enhance the overall shareholder value,” a company official said.

By Chung Joo-won (