Hoban Group has surpassed Cho Won-tae, chairman of Hanjin Group, to become the largest shareholder of Hanjin Kal, the holding company of Hanjin Group.
On November 4, Hanjin Kal announced that the largest shareholder changed from 'Cho Won-tae and 18 others' to 'Hoban Construction and 3 others.' Hoban Construction holds 13,814,053 shares of Hanjin Kal, representing a 20.69% stake, which is 25,134 shares more than the 13,788,919 shares (20.58%) held by Cho's side.
Previously, Hoban Group acquired shares of Hanjin Kal from private equity firm KCGI in 2022, becoming the second-largest shareholder and steadily increasing its stake through its affiliates.
In July, Hoban Group raised its stake in Hanjin Kal to 20.15%, narrowing the gap with Cho's side to 0.42 percentage points. Following additional purchases, Hoban's stake has now surpassed Cho's, and the company has reported the merger to the Fair Trade Commission.
However, there remains a possibility that the largest shareholder status could change again. Cho's side plans to purchase additional shares next month, which could allow them to reclaim the largest shareholder position.
On December 2, Cho's side announced plans to acquire an additional 325,000 common shares (0.49%) of Hanjin Kal. If this purchase is completed as planned, Cho's stake will increase from 20.58% to 21.07%, surpassing Hoban Construction's 20.69% once again.
Some analysts speculate that Hoban Group's increased stake in Hanjin Kal could lead to potential management involvement, particularly as they may attempt to enter the board of directors during the regular shareholders' meeting scheduled for March next year.
* This article has been translated by AI.
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