[Alpha Biz=(Chicago) Reporter Kim Jisun] Hyundai Department Store Group is pushing to switch to a single holding company system of Hyundai GF Holdings.

Hyundai F Holdings held a board meeting and announced on the 6th that it has decided to implement a paid-in capital increase in an in-kind investment method that publicly buys shares of its affiliate Hyundai Green Food and Hyundai Department Store from shareholders and allocates new shares of Hyundai GF Holdings in return.

Under the Fair Trade Act, holding companies are required to secure a stake of more than 30% of listed subsidiaries. Currently, Hyundai Department Store and Hyundai Green Food's stakes held by Hyundai GF Holdings are 10.1% and 12.1%, respectively, which constitutes violations of holding company restrictions under the Fair Trade Act.

Hyundai Land F Holdings plans to incorporate Hyundai Department Store as a subsidiary with Hyundai Green Food in order to resolve violations of the Fair Trade Act and run an efficient holding company business.

Once the tender is completed, Hyundai GF Holdings will become the largest shareholder with a 40% stake in Hyundai Green Food and a 32% stake in Hyundai Department Store, respectively.

 

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