Fidelity unloads W111b Hyundai Marine & Fire stocks since Oct. |
Logos of Fidelity Management & Research, doing business as Fidelity Investments, and Hyundai Marine & Fire Insurance.
US-based investor Fidelity Management & Research has offloaded common shares of Hyundai Marine & Fire Insurance worth 111.6 billion won ($102.2 million) on the local stock exchange since October, filings showed Friday.
Before the transactions, Fidelity was the third-largest shareholder of Hyundai Marine & Fire, listed on South Korea‘s main stock bourse Kospi, holding 11 percent of its voting rights. That followed Chairman Chung Mong-yoon’s 24.65 percent and the National Pension Service‘s 11.25 percent.
Selling 4.88 million common shares of Hyundai Marine & Fire, or 6.1 percent of the outstanding shares, Fidelity’s ownership in the Seoul-based insurer reduced to less than 5 percent, removing its obligation to disclose its stock ownership in the company on a regular basis.