A member of the founding family has sold most of his shares in Hyosung Corp through a block trade, raising W126 billion $116 million. The deal was launched and completed after the Korean market closed yesterday two days after the Korean conglomerate reported worse-than-expected fourth quarter earnings.
Hyosung is mainly active in the manufacturing of industrial materials, synthetic textiles and other chemical products, as well as general trading businesses, but also has a number of other business lines. In Korea it is well-known for its ATM machines.
Its share price dropped 7.3% on Wednesday and another 1.2% yesterday, but a source said the sale was unrelated...
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