Hoban becomes Hanjin KAL's largest shareholder, overtaking Cho Won-tae
Hoban Group has become the largest shareholder of Hanjin KAL, overtaking Hanjin Group Chairman Cho Won-tae and his related parties, according to a regulatory filing Wednesday, marking a significant shift in the ownership structure of the holding company behind Korean Air. Hanjin KAL disclosed that Hoban Group and related parties held a combined 13,814,053 common shares, totaling a 20.69 percent…
The Hoban Group has emerged as the leading shareholder of Hanjin KAL, surpassing the chairman of Hanjin Group, Cho Won-tae, and his associates, according to a regulatory filing released on Wednesday. This development signifies a substantial change in the ownership structure of the holding company that governs Korean Air. Hanjin KAL announced that Hoban Group and its affiliated entities now collectively own 13,814,053 common shares, representing a 20.69 percent stake in Hanjin KAL, thereby solidifying Hoban's position as the company's largest shareholder as of Wednesday.
This information was revealed following considerable discussions surrounding whether Hoban's share had surpassed Cho's following the construction conglomerate's recent acquisition of additional Hanjin KAL shares, which they reported to the Fair Trade Commission. However, it should be noted that Cho and his affiliated parties may reclaim their position as Hanjin KAL's primary shareholder upon completing the anticipated purchase of 325,000 shares by January 1 of the following year, as stated by an official from Korean Air.
As of the filing date, Cho and his affiliated parties held a 20.58 percent stake in Hanjin KAL, causing their position to shift.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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