Hyundai Investment Trust Securities will be finalizing an official contract with American Insurance Group within a month. The will be a 900 billion won ($809 million) foreign capital investment.
The company, at an investment briefing session hosted by Hyundai Securities in Seoul, said all of its executives are prepared to resign if the company’s capital is not increased to 1.2 trillion won by Feb. 28.
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To amass the desired capital, the company will receive around 87.9 billion won from Chung Mong-hun via a rights offering, 700 billion won from the sale of some of its stakes, 200 billion won in foreign capital and 300 billion won from net profit. Chung, fifth son of group founder Chung Ju-yung, holds a majority stake in the company.
If the plan doesn’t work out as planned, majority shareholders will be asked to increase their share of capital input, the company said.
