 "Hyundai, Kia Motors ordered to sell part of shares in steel affiliate")
A South Korean regulator has ordered Hyundai Motor and Kia Motors to sell part of their stakes in steelmaking affiliate Hyundai Steel in accordance with regulations concerning big industrial groups, a government official told Reuters on Wednesday.
The official at the Fair Trade Commission did not disclose how many shares Hyundai Motor and Kia Motors must sell under the rules on circular shareholding chains.
Local newspaper Donga Ilbo reported on Wednesday that the duo was ordered to sell a combined 8.81 million shares worth 460 billion won ($393 million) in Hyundai Steel by January 1 to comply with the rules.