Hoban Overtakes Cho as Hanjin KAL’s Largest Shareholder, Setting Up Fresh Control Battle
Hoban Group has overtaken Hanjin Group Chairman Cho Won-tae to become the largest shareholder of Hanjin KAL, the group’s holding company. The shift follows Hoban’s steady accumulation of shares since acquiring a stake from private equity firm KCGI in 2022. With the gap between the two sides standing
Hoban Construction has surpassed Hanjin Group Chairman Cho Won-tae as the largest shareholder of Hanjin KAL, the holding company for the airline. This shift happened after Hoban accumulated shares since acquiring a stake from KCGI in 2022, with Cho increasing his stake slightly since then. The gap between the two was only 0.11 percentage points, leading to the change in largest shareholder structure.
Hanjin KAL revealed this change in a regulatory filing on November 4, showing Hoban holding 20.69% of common shares, slightly ahead of Cho's 20.58% stake. The increase came after Hoban bought more shares through on-market purchases, expanding from 112,145 to 471,524 shares. Hoban's stake composition includes 11.50% from Hoban Construction, 8.34% from Hoban Hotels and Resorts, 0.71% from Hoban Industry, and 0.15% from another Hoban entity.
Cho's stake consisted of 19.5% held by him and related parties. The current situation might change as early as January 1, with Cho planning to purchase 325,000 Hanjin KAL shares from November 2 to January 1, 2027, potentially increasing his stake to over 21%. The upcoming voting rights at the annual general meeting in March 2027 could also affect the control battle.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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