SK Chairman Sells Shares to Fund Divorce Property Split
SK Group Chairman Chey Tae-won will sell SK Inc. shares worth 944 billion won (about $696.7 million) in preparation for the division of property with Roh Soh-yeong, director of Art Center Nabi. The move is aimed at securing funds on the same scale as the property division amount set by the court. He
SK Group Chairman Chey Tae-won plans to sell shares worth 944 billion won ($696.7 million) to fund his divorce settlement with Art Center Nabi director Roh Soh-yeong. The sale aims to secure funds on the same scale as the court-ordered property division amount. Chey opted for a combination of selling to strategic investors and a price return swap, or PRS, to minimize impact on share price and control structure.
He will sell 1,653,924 shares, reducing his stake from 12,975,472 to 11,321,548 shares, or from 17.8% to 15.5% of total issued shares. The sale will be completed starting November 2, with 544 billion won ($400.7 million) going to strategic investors and 400 billion won ($294.6 million) sold through PRS. Chey's ownership stake will still remain the largest, at 15.5%, and the governance structure is expected to be minimally affected.
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