Hoban's Hanjin KAL stake gains $657 mil. amid control battle speculation
Hoban Group's stake in Hanjin KAL has gained an estimated 883 billion won ($657 million) in market value since the beginning of this week, as the construction group's emergence as the holding company's largest shareholder has fueled speculation over a potential battle for control. The valuation gain follows Wednesday's disclosure that Hoban and related parties held 13,814,053 common shares, or…
The Hanjin KAL stake held by the Hoban Group has experienced a significant increase in market value since the beginning of the week, an estimated 883 billion won ($657 million). This surge in value can be attributed to the construction group's emergence as the largest shareholder in the holding company, which has sparked speculation about a potential power struggle for control.
The valuation gain came after Hoban and its affiliates revealed they owned 13,814,053 common shares, or 20.69 percent of Hanjin KAL, surpassing Hanjin Group Chairman Cho Won-tae and his associates, who jointly owned 20.58 percent of the company. Hanjin KAL's shares experienced a notable increase, climbing from 123,900 won last Friday to 187,800 won on Thursday morning, marking a gain of 63,900 won, or approximately 51.6 percent.
When applied to Hoban's disclosed shareholding, this surge translates to a valuation gain of approximately 882.7 billion won. At the morning price of Thursday, Hoban's stake was valued at approximately 2.59 trillion won, an increase from around 1.71 trillion won on Friday. Investor interest heightened following reports on Monday that Hoban had submitted a business combination notification to the Fair Trade Commission.
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