Hyundai Motor Company shared a press release yesterday regarding the application made to the Competition Authority.
Hyundai Motor Company and Kibar Holding have been maintaining an exemplary strategic cooperation based on mutual trust and respect for more than a quarter of a century since 1990. Established with an equal partnership structure, Hyundai Assan Otomotiv Sanayi ve Ticaret A.Ş. (HAOS) has played an important role in the development of the Turkish automotive industry with its high-level technology investments. Located in production base of Hyundai's compact car in Europe and one of the largest foreign-invested joint venture in Turkey, Hyundai Assan, 70 percent and 30 percent of Hyundai Motor Company is managed by Kibar Group subsidiaries.
After joint strategic evaluations, Hyundai Motor Company and Kibar Group reached an agreement to transfer the majority management of Hyundai Assan to Hyundai Motor Company by purchasing shares from Kibar Holding. After the transfer of the shares, Kibar Holding will leave its current role in the management of Hyundai Assan and will continue to remain as a small shareholder in the new structure.
The transfer of shares is expected at the end of the first quarter of 2021, after the completion of the Competition Authority permit processes. (Source: SÖZCÜ)