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Hyundai Motor Company Annual Report 2004_126
Created by: Mecayours Written by: Mark Wigley Printed by: Sewha Printing Co. Seoul, Korea
HYUNDAI MOTOR COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2004 AND 2003
30. SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE:
(1)Sales of Assets and Liabilities of Machine Tool Division and Share of Hyundai Machine Tool Europe GmbH
Effective January 1, 2005, the Company sold assets and liabilities of Machine Tool Division and investment securities of Hyundai
Machine Tool Europe GmbH to WIA Corporation for 46,124 million (US$44,189 thousand).
(2)Decision of Treasury Stock Acquisition
In order to stabilize the fluctuation of the stock price in the exchange market, on February 4, 2005, the board of directors’ decided
to reacquire 11,000,000 shares of common stock and 1,000,000 shares of preferred stock in the exchange market.
(3)Appointment as Primary Negotiator for the Acquisition of Hyundai Autonet Co., Ltd.
On March 9, 2005, the Company was appointed as primary negotiator for the acquisition of Hyundai Autonet Co., Ltd., an
automobile audio and digital road navigator manufacturer through the consortium with Siemens Group, and the procedures for the
decision of the acquisition are in progress.
(4)New Shares Issued by WIA Corporation
WIA Corporation, one of the domestic subsidiaries, issued 14,000,000 shares of new common stock at 5,000 per share on
January 14, 2005 based on the decision of the Board of Directors on November 1, 2004. Twenty percent of new issued shares
were distributed to the employees.