[THE INVESTOR] Hyundai Mobis
, the auto parts unit of Hyundai Motor
Group, will invest 643 billion won (US$571.53 million) to build the auto conglomerate’s new headquarters -- Hyundai Global Business Center -- in Southern Seoul, the company said in a regulatory filing on July 28.
Hyundai Global Business Center to be built in Samseong-dong, Seoul. Hyundai Motor Group
Hyundai Motor Group is planning to erect a 105-story skyscraper in Samseong-dong area of Seoul, on a plot purchased from state-run Korea Electric Power Corp. for 10.55 trillion won in 2014.
The amount Hyundai Mobis will invest accounts for 2.5 percent of its equity capital and will give it a 25 percent stake in the construction project being jointly pursued by Hyundai Group automakers Hyundai Motor and Kia Motors
. The two carmakers are to invest 1.41 trillion won and 514 billion won, respectively. Hyundai Motor will hold a 55 percent stake in the construction consortium, while Kia gets 20 percent. The proportions, however, and the amount may change once construction starts.
The multibillion dollar landmark edifice will comprise a main tower and five other buildings that will house exhibition centers, concert halls and an automobile theme park. Construction is set to begin in early 2017, aiming for completion by 2021.
By Ahn Sung-mi (email@example.com)