13th May 2008 12:41
RNS Number : 3222U
Hyundai Motor Company
13 May 2008
HYUNDAI MOTOR COMPANY (HMC)
Corporate Disclosure to Korea Stock Exchange
Disclosure date : May 13, 2008
Disclosure title : Other Matters to be Disclosed
1. Title : Withdrawal of Foreign direct investment in China
2. Contents :
(1) In January 2006, Hyundai Motor Company had decided on establishing finance company to enhance sales by strengthening marketing functions in China. For the purpose of submitting related documents to Chinese Government, the company had made a BOD resolution and made a voluntary disclosure.
(2) However, Negotiation with the Chinese Government came to a halt due to differing view on shareholders structure, shareholding portion etc. As a result, the company hereby disclose the withdrawal of the establishment of the finance company, which the company had participated in as a shareholder company.
(3) Progress of events
- May, 2005 : Hyundai Capital Beijing branch opened.
- January, 2006 : BOD resolution on establishment of Hyundai Motor China finance company in China.
- Purpose : to submit ratification documents to local China government Authorities
- Delegate authority to Hyundai Capital for affairs related to establishment & start negotiations
- May, 2008 : Halt in final negotiations with Chinese government.
3. Date of Confirmation : May 13, 2008
4. Others :
(1) The above Date of Confirmation (Item #3) is the receival of the official documents from Hyundai Capital(delegate).
(2) Hyundai Capital is planning to establish a separate financing company with China.
* Related Disclosures : January 26, 2006
This information is provided by RNS
The company news service from the London Stock Exchange
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