Hyundai Motor's stock price rises more than 2% after sale of Russian factory - South Korean report

According to financial information company Market Point, as of 10:18 a.m. on the 20th, Hyundai Motor's stock was trading at 197,200 won (approximately 21,737 yen), an increase of 2.60% from the previous day.
It was. Hyundai Motor held an extraordinary board meeting on the 19th and announced that it had approved the sale of its stake in the St. Petersburg plant in Russia (HMMR). The target of the sale is a Russian car sales company.
Through art financing, the sale price will be 10,000 rubles (approximately 15,831 yen). HMMR, Hyundai Motor's sixth overseas production base, was completed in 2010 and opened in 2011.
She started giving birth. However, in the aftermath of Russia's invasion of Ukraine, operations have been suspended since March 2022. However, Hyundai Motor Co., Ltd. can buy back the factory within two years of the sale.
We have added buy-back conditions that allow you to do so. If the invasion of Ukraine that triggered the factory sale ends, there is still the possibility of re-entering the country.
Kim Ki-young, a researcher at Daishin Securities, said, ``Operations have been interrupted due to Russia's invasion of Ukraine, which has been going on since 2022.
``The sale of the factory, which is virtually impossible to operate due to European sanctions, can be judged to be a positive move from the perspective of eliminating the feeling of anxiety about Russia's politics and economy.''