[THE INVESTOR] Korea’s state-run pension fund said on June 12 it has reduced its stake in Hyundai Glovis, a logistics arm under Hyundai Motor Group, to less than 10 percent, following the group’s decision to scrap its revamp plans.

Since March 30, the National Pension Service has sold some 300,000 shares of Hyundai Glovis to lower its stake to 9.9 percent from 10.8 percent. 

The share offloading comes as Hyundai Motor Group dropped its plans to streamline the ownership structure through a series of deals, including merger between the logistics unit and Hyundai Mobis, an auto parts arm, after facing oppositions from US activist fund Elliott Management and advisory groups.

This is in stark contrast to its earlier move to increase its holding in Hyundai Glovis following the motor group’s announcement of an overhaul in response to the government’s call to improve circular ownership structures in March.

On May 21, the NPS sold over 100,000 Hyundai Glovis shares as Hyundai Mobis canceled a May 29 shareholders meeting where the merger between the logistics arm and Mobis’ module division was to be put to a vote. The firm needed two-thirds of votes of the present shareholders who were present.

By Park Han-na (hnpark@heraldcorp.com)