November 23, 2016 / 9:10 AM / 3 years ago

Hyundai Motor sells its entire stake in fighter jet manufacturer

An employee sits in front of the logo of Hyundai Motor at its dealership in Seoul, South Korea October 26, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korean automaker Hyundai Motor Co has sold its entire stake in fighter jet manufacturer Korea Aerospace Industries (KAI) Ltd, a Hyundai Motor spokeswoman said on Wednesday, without disclosing the value of the deal.

Hyundai Motor had a 4.85 percent stake, or 4.73 million shares, in KAI as of the end of September.

Maeil Business Newspaper said that the transaction was worth about 300 billion won ($255.81 million).

Reporting by Hyunjoo Jin; Editing by Jacqueline Wong

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