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Kia Buys KRW30 Billion Money Market Trust from Hyundai Motor Securities

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Kia Corporation (KRX:000270) said that it purchased a 30 billion won money market trust from affiliate Hyundai Motor Securities (KRX:001500) in a related party transaction, according to a Wednesday filing with the Korean Exchange.

The South Korean automobile manufacturer said the transaction, with maturity due Nov. 12, carries a market-based interest rate and will help improve profitability.

The company's cumulative transactions with Hyundai Motor Securities during the current fiscal year totaled 335 billion won.

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