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Hyundai Motor Invests KRW70 Billion in Hyundai Motor Securities MMT

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Hyundai Motor (KRX:005380) invested 70 billion won in a money market trust (MMT) issued by affiliate Hyundai Motor Securities (KRX:001500) on Wednesday, according to a same-day filing with the Korean Exchange.

The investment will mature on Oct. 29 and has an interest rate linked to market rates. The investment is aimed at better fund management and profitability enhancement, the filing said.

Cumulative transactions with Hyundai Motor Securities in the current fiscal year stand at 305 billion won, it said.

Shares of Hyundai Motor fell 2% in recent trade.

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