Hyundai's restructuring Chief Kim Jae-soo said the group would raise anadditional 3.71 trillion won ($3.27 billion) through sales of assets thisyear.

That marked a jump from plans announced on Sunday to sell 543 billion won inassets. Hyundai plans to spin off and sell Hyundai Elevator by the end ofSeptember, Kim said. Chung Ju-yung, the 84-year-old honorary chairman whobuilt South Korea's largest company out of an auto repair shop he opened in1940, will stay out of management of the group and current chairman ChungMong-hun will focus only on the group's investments in North Korea.

Chung Mong-koo, current head of flagship automaker Hyundai Motor will alsorelinquish his management role.

"They will exercise rights and responsibilities as majority shareholders butthey will no longer involve themselves in day-to-day management of thegroup," said Kim.

"The honorary chairman has told his two sons this is the only option for thegroup," Kim said. Kim stressed planned asset sales should not be seen as abreak-up of the group.

He said the planned sale of Hyundai Elevator would bring down the group'snumber of affiliates to 21 by the end of the year which includes sales andspin-offs involving 15 other group companies.

Hyundai will also trim investment plans for this year to 4.3 trillion wonfrom a planned 6.5 trillion won, Kim said.