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[Alpha Biz=(Chicago) Reporter Kim Jisun] Hoban Construction is said to have concluded discussions on a stock transfer contract to acquire a 5.85% stake in Hanjin Kal held by Pan Ocean through after-hours trading (block deal).
Through this, it has narrowed its stake gap to 2% with Hanjin Group Chairman Cho Won-tae, the largest shareholder of Hanjin Kal, to become the second-largest shareholder. According to the investment banking (IB) industry on the 20th, Pan Ocean, an affiliate of Harim Group, decided to sell its entire 5.85% stake in Hanjin Kal to Hoban Construction.
The two companies are expected to sign a stock trading agreement (SPA) as soon as possible. The estimated transaction amount is 162.8 billion won.
Hoban Construction will buy back its stake in Hanjin Kal, which was sold to Pan Ocean last year. Through this, Hoban Construction's stake in Hanjin Kal will rise from 11.6% to about 17.5%. It will become the second largest shareholder beyond Delta Air Lines (14.90%). It is close to 19.79% stake in Chairman Cho, the largest shareholder.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
