South Korean automotive conglomerate Hyundai Motor Group said Thursday it is moving to list its information and communications technology (ICT) affiliate on the local stock market in a bid beef up its overall competitiveness going forward.
The business group said it submitted an application for a preliminary review for the listing of Hyundai AutoEver Corp. with the Korea Exchange, Seoul's main bourse operator.
Hyundai AutoEver's headquarters in southern Seoul (Yonhap)
The company, first set up in April 2000, reported annual sales of 1.15 trillion won ($1.02 bln) in 2017, with a net income of 52.1 billion won. Its main business areas are software development, system integration and providing information technology-related services for the entire group.
Of all transactions carried out by the Seoul-based company, 80 percent were with other affiliates.
"The move to list Hyundai AutoEver comes as there is greater need for research and development investment in ICT areas, as well as bolstering the company's standing to make it easier to recruit more talented workers," Hyundai said. This, it said, could greatly improve the company's competitiveness.
Hyundai Motor Co., South Korea's No. 1 carmaker and the flagship company within the group, holds a 29 percent stake in Hyundai AutoEver, with Hyundai Motor Group Executive Vice Chairman Chung Eui-sun controlling a 19.5 percent stake.
