Korea's Military Mutual Aid Association MMAA divested its remaining 15% stake in Kumho Tire on Friday, raising $158 million from the sale of 10 million shares.
The JPMorgan-led deal followed a placement one-day earlier involving parent Kumho Industrial. This saw the latter re-purchase a 10% stake from MMAA under the terms of a call option embedded in Kumho Tire's dual listing earlier this year on the London and Seoul stock exchanges.
The two secondary sales mark end to MMAA's two-year investment in Kumho Tire, with Kumho Industrial now becoming the major shareholder again. The exercise of the call option at a strike price of...
