Hyundai Group wins tug-of-war over preferred shares

Hyundai Group, the largest shareholder of Hyundai Merchant Marine, has won a tug-of-war with Hyundai Heavy Industries, the No. 2 shareholder, over a proposal allowing the country`s second-leading shipping company to raise the limit of preferred shares it can sell.

In a general shareholders meeting at group headquarters in central Seoul Friday, shareholders of Hyundai Merchant Marine approved a proposal that their company triple the ceiling of preferred stock issuance from 20 million shares to 60 million. The approval rate was 67.35 percent.

Hyundai Heavy Industries, which rejected the same proposal in a shareholders meeting in 2011, opposed it again this year.

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