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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, SOUTH KOREA – Yanolja, South Korea’s leading travel platform, has officially become the single largest shareholder of Modetour, a major traditional travel agency, according to a regulatory filing with the Financial Supervisory Service on Monday.
Key Changes in Shareholding Yanolja announced that it has increased its stake in Modetour to 14.44%, surpassing the previous largest shareholder, Chairman Woo Jong-woong, who holds a 10.92% stake. Having held approximately 5% of the company's shares last year, Yanolja has been aggressively purchasing shares on the open market since the beginning of this year.
Incentives and Positions Despite the significant stake increase just a month before the annual general shareholder meeting, both parties remain cautious:
Yanolja’s Stance: The company maintains that the acquisition is for "simple investment purposes" and has not officially signaled a hostile takeover or management interference.
Modetour’s Stance: Modetour officials stated that management control remains secure when including friendly shares supporting Chairman Woo.
Market Implications Industry analysts are closely watching whether this move signals a strategic alliance between a dominant digital platform (Yanolja) and a traditional travel powerhouse (Modetour), or the beginning of a larger shift in corporate governance within the South Korean tourism sector.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
