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Hyundai E&C Subsidiary Hyundai Engineering to Absorb Korea Electric Vehicle Charging Service

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Hyundai Engineering & Construction (KRX:000720) subsidiary Hyundai Engineering will absorb and merge with Korea Electric Vehicle Charging Service, according to a Friday filing with the Korea Exchange.

Since both Hyundai Engineering and Korea Electric Vehicle Charging Service are unlisted companies, no specific laws or regulations govern the method used to determine their merger ratio, the filing said.

The per-share valuations used to determine the merger ratio for the merger were 58,101 won for Hyundai Engineering and 18,200 won for Korea Electric Vehicle Charging Service. Based on these valuations, the merger ratio was set at 1:0.3132476, it said.

Shares of Hyundai Engineering & Construction fell over 7% at market close.

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