[Alpha Biz= Ellie Kim] SEOUL, June 5 — Samyang Foods Chairman Kim Jung-soo will transfer shares and debt worth about 80 billion won ($60 million) to his two children, in a move widely seen as part of a succession plan.

According to a regulatory filing, Kim will gift 200,000 shares to his son, Jeon Byeong-woo, the company’s chief operating officer, and his daughter, Jeon Ha-young. The transfer will be executed as a “burdened gift,” passing on roughly 80 billion won in loans backed by the shares.

Following the transaction, Kim’s stake will fall to about 1.1%, while his son’s holding will rise to 2.87%, making him the second-largest shareholder within the owner family.

Industry observers view the move as a step toward management succession, strengthening the younger generation’s control within the company.

 

 

 

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