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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] In March of this year, Hyundai Motor Group became the largest shareholder of telecom company KT. Following a public interest review by the Ministry of Science and ICT, Hyundai has been allowed to retain its position as KT's largest shareholder.
The Ministry announced on the 19th that the review concluded that Hyundai's status as the largest shareholder does not harm public interest. As a result, Hyundai will not be required to sell its KT shares. According to current laws, any major shareholder of a key telecom company must undergo a review and receive approval from the Ministry, or they may face an order to sell their shares.
The review committee based its decision on several factors:
1. No changes to KT's business operations following the shareholder shift.
2. Hyundai Motor Group holds the shares purely for investment purposes and does not intend to participate in management.
3. Hyundai's stake alone does not grant it actual management control of KT.
As of the first half of the year, Hyundai Motor Group's combined stake in KT is 8.07%, with 4.86% held by Hyundai Motor and 3.21% by Hyundai Mobis. Hyundai acquired these shares through a swap with KT in 2022 as part of a mobility partnership. The company has stated its investment is purely for general investment purposes.
Hyundai's rise to the largest shareholder occurred after the National Pension Service, the previous largest shareholder, sold its stake in KT in March, and KT's subsequent stock buyback increased Hyundai's stake further.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
