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
