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Report: Private equity investor sells Hyundai Asset Management

South Korean private equity investor Keystone Private Equity signed a sales and purchase agreement with South Korea-based Mugunghwa Trust Co. Ltd. to sell 100% of Hyundai Asset Management Co. Ltd., The Financial News reported June 4, citing industry sources.

Mugunghwa Trust on May 24 disclosed its plan to purchase 6,000,000 shares in Hyundai Asset Management for 69.26 billion won in October.

Mugunghwa Trust will acquire the shares at 11,543 won apiece, according to the report.

As of June 4, US$1 was equivalent to 1,180.35 South Korean won.