[Alpha Biz= Reporter Kim Jisun] On the 21st, Hyosung Heavy Industries announced that Vice Chairman Cho sold a total of 121,075 shares of Hyosung Heavy Industries in four transactions from the 13th to that day. The total amount is approximately 41.164 billion won.
Vice Chairman Cho began disposing of his stake in Hyosung Heavy Industries on the 12th of last month. He has reported four stake sales in the past month alone. As a result, his stake, which was 4.88%, has now decreased to 1.2%. The total amount of disposal, including this one, is approximately 113.544 billion won.
The reduction in Vice Chairman Cho's stake in Hyosung Heavy Industries is interpreted as part of preparations for the conglomerate's separation.
The name of the newly established holding company is HS Hyosung. If the company split plan is approved at the extraordinary shareholders' meeting scheduled for the 14th of next month, it will be launched on July 1st.
Vice Chairman Cho also holds a 6.16% stake in Hyosung Chemical. To carry out the conglomerate separation between relatives under the Fair Trade Act, the holding in the listed company must be reduced to less than 3%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
