The share of South Korean automaker Kia in the Hyundai Motor plant in St. Petersburg will also be sold, News.az reports citing the Chosun Ilbo newspaper.
Hyundai Motor informed earlier on its website that the company would sell its stake in Hyundai Motor Manufacturing Rus, the owner of the plant in St. Petersburg, to Russia’s Art-Finance company.
Kia holds 30% in the plant, while Hyundai has 70%. Both companies will transfer their shares, the newspaper said. Terms of the transaction include a clause on a buyback within two years but the asset value will be discussed again, the newspaper said.
