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Kumho Industrial transfers tire shares

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Kumho Industrial has sold its 30% stake in Kumho Tire Co. to its petrochemical unit, according to bloomberg.com.

The transaction, which encompassed 22.5 million shares, reportedly totaled $351 million, say reports.

The South Korean Military Mutual Aid Association is Kumho Tire's majority shareholder, with 50% control. Other investors have a 20% stake.

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