Agreement of the establishment of electric Parts joint venture between Hyundai Motor Company and Siemens(Germany)
We have signed the contract regarding the establishment of electric parts joint venture with Siemens VDO Automotive AG in order to strengthen our competitiveness in automotive electric parts.
1. Contents of joint venture :
- Capital funds for establishment: KRW 500,000,000
- The number of shares issued: 100,000 shares
(par value: KRW 5,000)
- Major business: Development of automotive electric parts and cultivation of electric parts specialists
2. Contents of expected investment
- Expected investment amount : KRW 249,995,000(KRW 5,000 / share)
- Expected investment of shares: 49,999 shares (49.99%)
- Expected investment date : September 2005
- Objective for investment : the establishment of joint venture in order to strengthen our competitiveness in automotive electric parts.
3. Investment schedule
- Contract Signing Date: September 05, 2005
- JV Establishment Date: Within September 2005
- The above may be subject to change depending on the establishment schedule of joint venture.
Name of Disclosure Officer : Yoo No Hwang,
Director, Head of Financial Management Group
* Date of Related Disclosure
(Korea Stock Exchange): February 25,2005