Hyundai Amco mulls listing on Seoul bourse
HYMZY | Quote | Chart | News | PowerRating -- Hyundai Amco Co., the building arm of Hyundai Motor Group, is considering listing its shares on South Korea's main stock market in three to four years, a company executive said Tuesday.
"Hyundai Amco is weighing a plan to list its shares on the Korea Exchange in three to four years after lowering its dependency on the group for its orders," Vice President Cho Wei-geon told reporters.
Hyundai Amco will seek to increase construction orders from outside of Hyundai Motor Group, Cho said, adding that the builder currently depends on the group for 80 percent of its sales.
The rate of in-house orders, however, is expected to almost halve to 40-50 percent in two to three years, the vice president said.
Hyundai Motor Group's flagships are Hyundai Motor Co., the nation's top automaker, and No. 2 industry player Kia Motors Corp.
He said Hyundai Amco aims to rank among the top five domestic builders by 2015 and is considering potential mergers and acquisitions to achieve the goal.
The executive also said the builder will have no difficulty attaining its 2009 sales target of 1.6 trillion won (US$1.38 billion).
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