Hyundai Heavy Industries signed a contract to buy a controlling stake in Hyundai Corp on December 10.

Hyundai Heavy acquired 50% plus one share of the trading company for 235 billion won to diversify its business.

Hyundai Heavy designated Chung Mong-hyuck as the chairman of Hyundai Corp., a trading company.

Kim Young-nam, currently senior executive vice president of Hyundai Heavy, will take up the position of Hyundai Corp.'s chief executive officer, while Yang Bong-jin, also an executive of Hyundai Heavy, will join Hyundai Corp.'s management team as senior executive vice president.

The appointments are expected to be confirmed during a shareholders’ meeting in January 2010.