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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] Cho Hyun-sang Increases Stake in HS Hyosung to 55.08% After Acquiring Shares from Cho Hyun-joon
HS Hyosung announced on the 21st that Vice Chairman Cho Hyun-sang acquired an additional 861,411 shares of HS Hyosung common stock from Chairman Cho Hyun-joon through a block deal on the 19th and 21st of this month.
As a result, Cho Hyun-sang's stake in HS Hyosung has increased to 55.08%, while Cho Hyun-joon has fully divested his holdings in the company, reducing his ownership to 0%.
This transaction effectively severs Cho Hyun-joon’s equity ties with HS Hyosung.
Previously, on the 19th, it was disclosed that Cho Hyun-sang exchanged 406,459 shares of Hyosung Corp common stock for 369,176 shares of HS Hyosung common stock held by Cho Hyun-joon, making Cho Hyun-sang the largest shareholder.
Additionally, Hyosung Corp announced that Cho Hyun-joon acquired 1,337,684 shares of Hyosung Corp common stock from Cho Hyun-sang through off-hours transactions on the 16th, 19th, and 21st of this month.
As a result, Cho Hyun-joon's stake in Hyosung Corp has increased from 33.03% as of August 3 to 41.02%, while Cho Hyun-sang's stake has decreased from 22.02% to 14.06%.
According to the Fair Trade Act, to achieve a spin-off between family members, mutual shareholdings in listed companies must be reduced to less than 3%.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
