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 stake of the Hoban Group in Hanjin KAL has seen a significant valuation increase of approximately $657 million since the start of this week, according to the market. This rise in value has sparked speculation of a potential power struggle for control within the company. The boost in market value came after Hoban Group and associated entities announced they owned 13,814,053 common shares, or 20.69 percent of Hanjin KAL.
This stake surpassed the combined ownership of Hanjin Group Chairman Cho Won-tae and his associates, who together held 20.58 percent of the company's shares. On Friday last week, Hanjin KAL shares traded at 123,900 won, experiencing a surge to 187,800 won by Thursday morning. This marked a substantial increase of 63,900 won, or roughly 51.6 percent.
Based on this increase, Hoban Group's shareholding is now estimated to be worth around 2.59 trillion won, up from approximately 1.71 trillion won just a day earlier. The heightened investor interest has been fueled by rumors that Hoban had submitted a business combination notification to the Fair Trade Commission on Monday.
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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