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Hankook Tire & Technology headquarters (photo = Hankook Tire & Technology) |
[Alpha Biz= Reporter Kim Jisun] Hankook Precision Works, a subsidiary of Hankook Tire & Technology, reportedly made 800 million KRW through short-term trading during Korea Zinc’s stock surge amidst a management dispute.
Hankook Precision Works, in which Cho Hyun-bum, chairman of Hankook & Company Group, holds a 29.9% stake, benefited directly or indirectly from these transactions. According to industry sources on the 23rd, the company purchased 10,000 shares (0.05% stake) of Korea Zinc on the 17th and sold them all on the 21st. It bought the shares for 7.98 billion KRW and sold them for 8.79 billion KRW, realizing a profit of 810 million KRW with a 10.2% return on investment.
Hankook Precision Works' operating profit last year was 8.4 billion KRW, meaning the profit from this short-term trade represents about 10% of its annual earnings. The company stated that the transaction was for "investment and profit realization purposes."
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
