Hyundai Elevator (017800.KS) will sell 9 million shares of its subsidiary Hyundai Movex (319400.KQ) for approximately 333.45 billion won, the company said in a regulatory filing Wednesday.
As a result, Hyundai Elevator's stake in Hyundai Movex will decrease from 48.87% to 40.79%.
Hyundai Elevator said the purpose of the disposal was "to secure funds for shareholder returns to implement its corporate value enhancement plan."
The share disposal will take place through off-hours block trading over about one month, from July 6 to August 4.
