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Photo = Hoban Group |
[Alpha Biz= Kim Jisun] Hoban Group has increased its stake in Hanjin KAL, the holding company of Hanjin Group, to over 18%, sparking speculation about potential management involvement. While Hoban officially states the stake is for "investment purposes," market observers are watching closely for any signs of active participation in governance.
On May 12, Hoban Construction, a Hoban Group affiliate, disclosed that the group's total stake in Hanjin KAL rose from 17.44% (11.6458 million shares) to 18.46% (12.3217 million shares) through additional share acquisitions by affiliated companies.
According to the large-scale shareholding report submitted by Hoban Construction:
Hoban Co., Ltd. increased its holdings to 0.15% (99,000 shares) through additional purchases in March 2023.
Hoban Hotel & Resort raised its stake to 6.81% (4.546 million shares) between March 2023 and April 2024.
Hoban Construction now directly owns 11.50% (7.676 million shares) of Hanjin KAL.
Hanjin KAL is the parent company of Korean Air. As of April 22, Chairman Cho Won-tae and his affiliates held a combined 30.54% stake, which includes 10.58% owned by Korea Development Bank (KDB) under a joint ownership agreement. Delta Air Lines, a key ally of Hanjin KAL, also owns 14.90%.
Hoban Group acquired shares previously held by private equity fund KCGI, which had waged a proxy battle over management control in 2022. Notably, Hoban Construction voted against the executive compensation proposal at Hanjin KAL's annual shareholders meeting in March, fueling further speculation of a more active role.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
