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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Hanjin KAL, the holding company of Korean Air, has seen its stock price skyrocket for the second consecutive day following Hoban Construction's acquisition of a significant stake in the company, sparking speculation over a potential management dispute. Although the combined stake held by the Cho family, led by Chairman Cho Won-tae of the Hanjin Group, now closely aligns with the holdings of the Hoban Group, industry observers believe that Hoban's participation in management remains unlikely due to the inclusion of friendly shares.
According to the Financial Supervisory Service's electronic disclosure system, Hoban Construction increased its stake in Hanjin KAL from 17.44% to 18.46% through market purchases on May 12. Additionally, Hoban Hotel & Resort, a subsidiary of the Hoban Group, bought 0.96% of Hanjin KAL shares over the past year.
As of the latest report, Hanjin KAL’s largest shareholders include Chairman Cho Won-tae (5.78%), former Korean Air Vice Chairman Cho Seung-yeon (0.18%), Hanjin President Cho Hyun-min (5.73%), and Lee Myung-hee, Honorary Advisor at Jeongseok Enterprises (2.09%), totaling 20.13%. Following Hoban's purchase, the gap between the largest shareholder and Hoban’s stake has narrowed to 1.67%.
Since the announcement, Hanjin KAL’s stock price has surged, hitting its upper limit on consecutive days. As of 2:40 PM, the stock price had jumped by 29.94%, reaching KRW 150,600 per share. Both Hanjin KAL and its preferred shares (Hanjin KAL Preferred) reached their upper limits immediately after the market opened.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
