Seoul: Korean shipbuilder Hyundai Mipo (pictured) yesterday signed a $745m contract for the purchase of a small domestic brokerage and its asset management unit. The contract follows on the heels of a decision by Hyundai Heavy and affiliate Hyundai Mipo Dockyard in May to buy a 75% majority share in unlisted CJ Investment & Securities Co from its parent group and CJ Chairman Lee Jay-hyun for an estimated $701.8m. The sale was funded by Hyundai Mipo alone, which also purchased a minor stake in CJ Asset Management Co, a unit of the CJ brokerage house for $42.5m.
"(We) will generate additional revenues through efficient management of cash assets and strengthen business capacity," Hyundai Mipo is reported to have told the Korea Exchange in a filing after stock markets closed. [15/07/08]
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