[Alpha Biz= Reporter Kim Jisun] On the 13th, Hyosung Heavy Industries disclosed that Vice Chairman Cho Hyun-sang sold 16,517 ordinary shares (0.18%) on the market on the 3rd of this month. The proceeds amounted to 53.5972 billion won.
As a result, Vice Chairman Cho's stake in Hyosung Heavy Industries decreased from the previous 2.68% to 2.50%. Since the 12th of last month until the 23rd, Vice Chairman Cho has been steadily reducing his stake in Hyosung Heavy Industries by selling around 200,000 shares.
This is part of the preparations to reduce the stake in Hyosung Heavy Industries before the launch of the new holding company, 'HS Hyosung,' scheduled for July. According to the Fair Trade Act, in order to carry out an affiliate separation between relatives, the holding stake must be reduced to less than 3% based on the listed company criteria.
Under HS Hyosung, there are six subsidiaries including Hyosung Advanced Materials, Hyosung Information (HIS), Hyosung Holdings USA, Hyosung Toyota, Gwangju Ilbo, and Vina Logistics Corporation.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
