Hoban becomes Hanjin KAL's largest shareholder, overtaking Cho Won-tae

Hoban Group has emerged as the primary shareholder of Hanjin KAL, surpassing Hanjin Group Chairman Cho Won-tae and his affiliated parties, according to a recent regulatory filing. This development marks a substantial change in the ownership structure of the parent company of Korean Air. Hanjin KAL revealed that Hoban Group and its related entities collectively own 13,814,053 common shares, representing a 20.69 percent stake in Hanjin KAL.

This confirms the shift in the company's largest shareholder position as of Wednesday. The information comes after growing speculation regarding whether Hoban's share had surpassed Cho's after the construction company recently acquired more Hanjin KAL shares and reported it to the Fair Trade Commission. However, as disclosed by a Hanjin KAL official, Cho and his associated parties might regain their position as Hanjin KAL's largest shareholder once they finalize the planned purchase of 325,000 shares by January 1st of the following year.

As of Wednesday, Cho and his related parties held a 20.58 percent stake in Hanjin KAL, which altered their position to the second largest.