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[Alpha Biz=(Chicago) Reporter Kim Jisun] SK Networks COO Choi Sung-hwan continues to buy back his shares. Recently, his wife, Choi Yu-jin, has also joined the purchase of treasury stocks.
The move is seen as an attempt to fill the vacancy of former SK Networks Chairman Choi Shin-won, who stepped down from the management front on charges of embezzlement and breach of trust by expanding his stake.
According to the industry on the 22nd, Choi Sung-hwan, president of SK Networks, bought 224,344 shares of his own company for 1.115 billion won for a week from June 5. Since then, Choi's stake has increased from 2.77% to 2.87%. At the same time, his wife, Choi Yu-jin, bought 43,000 shares (0.02%) of her own shares, making her the first person on the list of related parties.
With the purchase of shares by the owner family, Choi and his wife and former chairman Choi Shin-won have become the three largest shareholders with 3.77%, following the largest shareholders SK (41.18%) and the National Pension Service (6.60%). It is an individual but can have a great influence on the company.
The industry cites the succession of management rights as the reason why President Choi has steadily purchased his shares. It is to strengthen management rights on behalf of former chairman Choi Shin-won, who is accused of embezzlement and breach of trust worth 220 billion won.
In fact, Choi bought 4,686,836 shares of SK Networks for the first time in 2021 when Chairman Choi Shin-won was arrested and imprisoned, securing a 1.89% stake. Since then, it has continued to increase its stake. Most of the treasury stock purchase funds were raised by selling SK shares donated from SK Group Chairman Choi Tae-won.
Choi Sung-hwan received 480,000 SK shares (0.68% stake) from Chairman Choi Tae-won in 2018, but sold more than half of them and currently owns about 150,000 shares.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
