Aramco buys stake in Hyundai

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09:40 2019-04-15

This post has been translated over google translator from original post in arabic

The chief shareholder of South Korea's Hyundai Oil Bank, the Saudi Aramco company, agreed to purchase a share of $ 1.24 billion in the company.

According to Reuters, Hyundai Heavy Industries added in a regulatory disclosure that it had signed a share purchase agreement with Saudi Aramco regarding a number of its shares in Hyundai Oil Bank.

Hyundai had said in late January that Aramco was planning to invest up to $ 1.6 billion in Hyundai Oil Bank to expand its presence in South Korea.

Hyundai Holding Heavy Industries holds 91.13% stake in Hyundai Oil Bank, while Aramco is seeking to buy a stake of up to 19.9% in the latter.

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