Schindler Holding AG, a major shareholder of Hyundai Elevator, announced on the 1st that it has sold 1.12% of its equity in Hyundai Elevator. As a result, Schindler's equity stake has decreased from 8.69% to 7.57%.
According to the Financial Supervisory Service's electronic disclosure system (Dart) on the 1st, Schindler disclosed that it sold 437,520 shares of Hyundai Elevator in the market, amounting to approximately 37.8 billion won.
Since last month, Schindler has been intensively selling its equity in Hyundai Elevator. It is currently the second-largest shareholder, following the largest shareholder, Hyundai Holdings Company (19.3%).
Schindler noted that the purpose of this equity sale is "to recover investment funds." Schindler, a global elevator company based in Switzerland, has previously shown interest in securing management rights of Hyundai Elevator.