Chey Tae-won, chairman of SK Group, plans to sell shares of SK Holdings worth 944 billion won to secure personal funds related to an asset division lawsuit.
On October 2, SK Holdings announced that Chey will sell 1,653,924 shares (2.3%) of the company. The amount he will secure is equivalent to the asset division amount ordered by the court to be paid to Na So-young, director of the Art Center Nabi. The actual stock transaction is set to take place one month later, starting on November 2.
Once the transaction is completed, Chey's holdings in SK Holdings will decrease from 12,975,472 shares to 11,321,548 shares, reducing his stake from 17.8% to 15.5%. The stake held by related parties will also change from 25.2% to 22.9%.
Based on voting shares, Chey's stake will drop from 23.9% to 20.8%, while the stake including related parties will decrease from 33.5% to 30.5%. However, his status as the largest shareholder will remain unchanged after the transaction.
SK Holdings explained that the share sale is intended to meet Chey's personal funding needs related to the asset division lawsuit. To minimize the impact on stock prices from a large volume of shares being released into the market, the sale will be conducted through an off-hours block trade rather than during regular trading hours.
The total sale amount is 944 billion won, with 544 billion won allocated for strategic investors (SI) and the remaining 400 billion won to be traded through a price return swap (PRS) with securities firms.
PRS is a derivative transaction that settles profits and losses between the contracting parties based on future stock price fluctuations. SK Holdings stated that this structure allows Chey to share interests related to the company's value changes for a certain period after the share sale.
An SK Holdings representative said, "This transaction is being pursued within a range that does not affect the stability of the company's management," adding, "Even after the transaction, the stake including related parties will remain above 20%, and over 30% based on voting shares, ensuring stable management remains unchanged."
The representative further stated, "The company will consistently pursue its existing growth strategies, investment plans, and policies to enhance shareholder value."
* This article has been translated by AI.
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