Korea's state-run pension fund has increased its holdings in three spinoff companies of Hyundai Heavy Industries Co., data provided by a local market research showed Sunday.
According to FnGuide Inc., the National Pension Service held a stake of more than 5 percent in 277 companies as of late last week.
Of companies that the pension fund has large stakes in, 17 were added in the second quarter of this year, with an emphasis placed on Hyundai Heavy affiliates.
(Yonhap)
The NPS said it bought an 11.5 percent stake in Hyundai Electric and Energy Systems Co., while its holdings in Hyundai Construction Equipment and Hyundai Robotics reached 10.43 percent and 10.11 percent, respectively.
The fund had held a 9.3 percent stake of Hyundai Heavy shares as of late March before the three companies were spun-off from one of the largest shipbuilders in the world.
Market watchers had predicted that the reorganization of Hyundai Heavy and the move to set up a holding company arrangement under Hyundai Robotics could lead to growth for all affiliates, and a rise in shares and dividend payments that are good for investors.
Besides shares in Hyundai companies, the latest data showed NPS buying more shares in hotels, leisure-related businesses, pharmaceuticals and chemicals, while offloading holdings in car parts and certain semiconductor stocks. (Yonhap)
