SEOUL, July 17 Shareholders of Hyundai Logistics
Co, a unit of South Korean conglomerate Hyundai Group
, signed a contract to sell a 600 billion won ($581.45
million) stake in the unit to Japanese financial firm Orix Corp
, the group said on Thursday.
The sale of an 88.8 percent stake in Hyundai Logistics will
add to Hyundai Group's efforts to raise 3.3 trillion won to
improve its debt levels through asset sales and securing
investment, the group said in a statement.
Orix and a so-far unknown South Korean partner will pay
about 240 billion won for a 70 percent stake in a special
purpose company that will own the stake, with the rest held by
the group's shipping unit Hyundai Merchant Marine Co
, a source with knowledge of the matter told Reuters
($1 = 1031.9000 Korean won)
(Reporting by Joyce Lee; Editing by Lisa Shumaker)