SK chairman to unload $700.8 mil. stake in holding firm to pay ex-wife
SK Group Chairman Chey Tae-won will unload his stake in the group’s holding firm SK Inc. worth 944 billion won ($700.8 million) to finance a property division payment to his former wife, Roh Soh-yeong, the group said Friday. In a regulatory filing, SK Inc. said Chey, its largest shareholder, will sell 1,653,924 shares in the holding company, equivalent to a 2.3 percent stake. The transactions are…
SK Group Chairman Chey Tae-won plans to sell a significant portion of his stake in the company's holding firm, SK Inc., to finance a property division payment to his ex-wife, Roh Soh-yeong. According to a regulatory filing, Chey will dispose of 1,653,924 shares, representing 2.3 percent of the holding company. The stake sale is set to take place on November 2. The purpose of this transaction is to address the largest shareholder's personal funding requirements arising from the property division lawsuit.
SK Group emphasized that the structure of the transaction has been carefully evaluated to minimize market impact and ensure stable management for shareholders, while still allowing Chey to maintain control and fulfill his responsibilities as the company's largest shareholder. The entire process will be executed through after-hours block trades.
Out of the total value, 544 billion won worth of shares will be sold to a designated strategic investor, with another 400 billion won worth of shares sold in a transaction involving a price return swap.
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