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DB HiTek Bucheon Plant Overview (Photo: DB HiTek) |
[Alpha Biz= Reporter Kim Sangjin] Activist fund KCGI is under fire from minority shareholders of semiconductor manufacturer DB HiTek, who have filed a complaint alleging that the fund’s actions caused financial harm due to an unfair sale of its stake in the company.
According to the financial investment industry on the 19th, the DB HiTek Minority Shareholders Association filed a complaint with prosecutors, claiming that KCGI deliberately threatened DB HiTek's management rights to secure short-term gains, leaving shareholders to bear significant losses. The group also submitted a petition to the Financial Supervisory Service (FSS).
KCGI initially declared its intent to participate in DB HiTek's management when it acquired approximately 7.05% of the company’s shares in March 2023. However, just nine months later, in December, the fund sold 5.63% of its stake to DB HiTek’s parent company, DB Inc., citing "achieved governance improvements."
The complaint alleges that KCGI sold the shares to DB Inc. at a premium of over 10% above market price (₩66,000 per share), securing hundreds of billions of won in profit. Following the sale, DB HiTek’s stock price plummeted, causing significant losses to other shareholders.
The minority shareholders also suspect that KCGI may have colluded with DB Group in advance, purchasing shares solely for the premium without genuine intentions to participate in management. The group is calling for a thorough investigation into the matter.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
