Market update - 1. Quarter 2018
The share price of Hyundai Glovis moved from KRW 136.000 to KRW 169.000 and the USDKRW from 1067 to 1061 during the quarter.
Treasure ASA did not change its ownership during the quarter and the market value of the shareholding was USD 719 million at the end of March.
Hyundai Glovis declared a dividend of KRW 3.000 per share, on par with last year, payable in the second quarter 2018.
Treasure ASA board has proposed a dividend of NOK 0.30 per share to be resolved by the annual general meeting (AGM) on 26 April 2018. - For details on the AGM, please visit the Minutes of meeting.
Towards the end of March, the Hyundai Group released comprehensive material regarding a proposed restructuring of the group. This restructuring - once completed - will effectively end the historical circular ownership within the Hyundai Group and thereby improve corporate governance.
The proposed restructuring - to be formally approved by the AGM end-May - involves Treasure ASA to the extent that Hyundai Glovis will purchase a large part of operational assets from Hyundai Mobis through issuance of new shares. The transaction will be technically completed in July 2018, after which Treasure ASA's shareholding will be reduced from currently 12.04% to 4.64%.
Treasure ASA is positive with respect to the improved governance structure following the proposed restructuring and will inform the market accordingly on material consequences for the company upon completion of the planned transaction.
With reference to the stock exchange notice issued 28 March, a presentation of the restructuring plan can be found at https://www.glovis.net/Eng/ir/communityid/12/list.do
Hyundai Glovis is expected to release the Earnings Report for the first quarter on 27 April 2018.
For further information please contact:
Morten Lertrø, CFO Treasure ASA, + 47 90419994 or firstname.lastname@example.org Benedicte Teigen Gude, SVP HR and communications, Wilh. Wilhelmsen Holding ASA, +47 95907951