Hyundai Elevator To Participate in Paid-In Capital Increase for Subsidiary

Hyundai Elevator announced that it will participate in the paid-in capital increase of its subsidiary in Türkiye, Maeil Business Newspaper reports. Hyundai Elevator plans to invest $41 million in installments by June 4, 2026. The paid-in capital increase will be carried out in the form of a shareholder allocation increase. The Hyundai Elevator Türkiye Corp. will use the increase as operating funds and as debt repayment funds. Hyundai Elevator established a joint venture with local STFA Group in 2016, securing a 51% stake in the corporation and management rights. In 2018, it expanded its stake to 100%. Hyundai Elevator Türkiye Corp. has succeeded in turning a surplus since 2022 but recorded a net loss last year. The company is said to have decided to increase its capital increase due to rising local financial costs and foreign exchange losses.