HDC Young Chang Music, a privately held piano maker of Hyundai Development Company, reported in its disclosure on Wednesday that it has borrowed 4.5 billion won from its affiliate HDC I & Cons.

The inter-affiliate loan’s maturity period is March 23, 2018 with an annual interest rate of 3.7 percent, the piano maker said. 

Young Chang said this loan was the extension of its previous borrowing from HDC I & Cons, a real estate development company.

Hyundai Development Company, a KOSPI-listed infrastructure development company, has an 87.86 percent stake in Young Chang. Chung Mong-gyu, a nephew of late Hyundai Group chairman Chung Ju-yung, is the chairman and CEO of Hyundai Development. He and his family and business partners have more than an 18 percent stake in the company, while the National Pension Service is the second biggest shareholder of Hyundai Development with a 12.59 percent stake, according to its audit filing.

(hkp@heraldcorp.com)