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Hyundai Glovis director for shareholder rights to attend NDR
By Kim Bo-gyungPublished : July 9, 2018 - 15:54
Hyundai Glovis’ outside director for shareholder rights protection will be present at the company’s non-deal road show held for major institutional investors overseas in Singapore and Hong Kong this week, the company said Monday.
The latest move comes amid Hyundai Motor’s groupwide efforts to improve communication with the market, and as Glovis struggles to see its stock value rebound.
Hyundai Glovis, the logistics unit of Hyundai Motor Group, had been at the center of the group’s spinoff merger plan along with auto parts maker Hyundai Mobis.
“Global companies can carry out sustainable management on trust between investors and truthful communication. I will do my part for Hyundai Glovis to earn trust from stockholders and customers,” said Khil Jae-uk, Glovis’ outside director for shareholder rights protection.
Foreign investors account for approximately 33 percent of Glovis’ total shares.
The latest move comes amid Hyundai Motor’s groupwide efforts to improve communication with the market, and as Glovis struggles to see its stock value rebound.
Hyundai Glovis, the logistics unit of Hyundai Motor Group, had been at the center of the group’s spinoff merger plan along with auto parts maker Hyundai Mobis.
“Global companies can carry out sustainable management on trust between investors and truthful communication. I will do my part for Hyundai Glovis to earn trust from stockholders and customers,” said Khil Jae-uk, Glovis’ outside director for shareholder rights protection.
Foreign investors account for approximately 33 percent of Glovis’ total shares.
This is the first time Khil will attend an investor relations event overseas to explain Glovis’ principals on corporate structure and provide updates on shareholder return, the company said.
Khil, a professor of business management at Seoul-based Hanyang University, was elected in March on recommendation from shareholders.
Following Hyundai’s surprise announcement to drop its governance overhaul plan in May, Glovis has been struggling to restore its value.
Its shares were slashed 20 percent to roughly 150,000 won ($134.80) per share between April and May in reaction to major proxy firms advising against Hyundai’s revamp measures.
Hyundai Glovis closed the trading day at 113,500 won, down 1.7 percent from Friday on the Kospi.
As for Hyundai Motor, its non-deal road show began last week for institutional shareholders in Asia, Europe and America, and goes to Thursday, aimed to bolster communication with stockholders overseas. As Hyundai Motor Vice Chairman Chung Eui-sun vowed in May, the company representatives held one-on-one meetings with the investors.
Kia Motors and Hyundai Mobis also had two investor relations sessions here last month.
By Kim Bo-gyung (lisakim425@heraldcorp.com)
