Hyundai Oilbank Acquires Additional Hyundai Chemical Shares Worth 180 Billion KRW

[Asia Economy Reporter Hyunseok Yoo] Hyundai Heavy Industries Holdings announced on the 29th that Hyundai Oilbank will additionally acquire 36 million shares of its subsidiary Hyundai Chemical, which is engaged in the manufacturing and sales of petroleum and petrochemical products, for 180 billion KRW.

After the acquisition, Hyundai Oilbank's stake in Hyundai Chemical will be 60%. The scheduled date for the stock acquisition is the 13th of next month. Hyundai Heavy Industries Holdings explained the purpose of the stock acquisition as "the construction of Hyundai Chemical's HPC plant."