SEOUL (Reuters) - Hyundai Mobis Co Ltd, a key firm within the Hyundai Motor Group will become a holding company, a South Korean online news site reported, a move that is likely to presage a restructuring of ownership within the automotive conglomerate.
Hyundai Mobis' board made the decision at a meeting early on Wednesday, Money Today reported.
South Korea's antitrust chief told Reuters in August he had been in talks with Hyundai Motor Group about overhauling its complex ownership structure, which critics say gives too much power to its controlling family at the expense of shareholders.
A Hyundai Mobis spokesman did not have immediate comment.
Hyundai Mobis did hold a board meeting on Wednesday, two people with knowledge of the matter said, but declined to elaborate or to be identified.
Hyundai Motor Group includes automakers Hyundai Motor and Kia Motors.
Shares in Hyundai Mobis jumped 7 percent in morning trade while the wider market was down 1.3 percent.
(Reporting by Joyce Lee and Hyunjoo Jin; Additional reporting by Dahee Kim; Editing by Edwina Gibbs)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app