SEOUL (Reuters) to 19.9% from Hyundai Oilbank South Korea by Hyundai Heavy Industries Holdings, for 1.8 trillion won (1.61 billion dollars), increasing the share of the mother by 6.6%.
South Korea is the main market for Saudi Arabia, the largest shareholder in its 3-raffiner, S-Oil Corp. The deal should help Aramco to increase crude oil sales to Hyundai Oilbank, South Africa's smallest refiner by capacity. His mother, who now owns 91
Saudi Aramco plans to value Hyundai Oilbank worth 10 trillion, or 36,000 earned per share, the statement said.
One person familiar with the matter said the company is planning to offer Saudi Aramco a 10% discount on a block deal that will require approval from the two companies.
"Hyundai Heavy sells the share at a good price," said Yoon Tae-ho, an analyst at Korea Investment & Securities, adding that the valuation is higher than expected in the market.
Hyundai O'Bank, which was meant to list the South Korean stock exchange last year, delayed the implementation of the plan by this year due to regulatory control of the balance.
Hyundai Heavy Industries' holding company has said it will use the deal to invest in new businesses and improve its financial performance.  Shipbuilder is part of a joint venture with Saudi Aramco and others to build
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