Hyundai Motor to sell Russian plant
Business
The damage is estimated at $219 million.
South Korean company Hyundai Motor intends to sell its plant in Russia. On 19 December, a company spokesman said that the nominal value of the shares will be sold for 7,000 rubles ($77.67), making the company the last global carmaker to sell its assets in Russia since the start of the war in Ukraine. This was reported by Reuters.
Hyundai Motor said in a statement that it would incur a loss of 287 billion won ($219.19 million) from the sale of the plant, whose operations have been suspended since March 2022.
The company said it is seeking to transfer its assets at the St. Petersburg plant to Russian company Art Finance and include a buy-back option in the agreement. The deal is reportedly expected to be completed by 28 December.
Hyundai Motor said in a statement that it would incur a loss of 287 billion won ($219.19 million) from the sale of the plant, whose operations have been suspended since March 2022.
The company said it is seeking to transfer its assets at the St. Petersburg plant to Russian company Art Finance and include a buy-back option in the agreement. The deal is reportedly expected to be completed by 28 December.
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