À̹ÌÁö È®´ë A majority shareholder backing Hanjin Group heiress Cho Hyun-ah challenging her brother and current Hanjin KAL chairman Cho Won-tae in his single leadership over South Korean transportation conglomerate has added 4.59 percent stake in the holding entity to position the alliance more formidable against the sitting power.
According to the Korea Exchange on Wednesday, an undisclosed Hanjin KAL investor had purchased a total of 2,716,485 Hanjin KAL shares over the five trading sessions from Feb. 13. The purchase is equivalent to a 4.59 percent stake of Hanjin KAL and worth 134.7 billion won ($113 million) based on the stock¡¯s closing price of 49,600 won on Wednesday.
The investor is presumed to be Bando Engineering & Construction Co., an ally to Hanjin Group heiress Cho Hyun-ah, based on the categorization of the investor as a non-financial corporation, market analysts said.
The addition would put the combined stakeholding by Cho Hyun-ah and her allies at 36.65 percent in Hanjin KAL, closely trailing 38.25 percent mustered behind Cho Won-tae.
Cho Hyun-ah has teamed up with local activist fund Korea Corporate Governance Improvement (KCGI) and fourth-largest shareholder Bando Engineering & Construction. Her brother and current group chairman Cho Won-tae is backed by other family members including their mother and his younger sister, Delta Air and Kakao. The employee association of Korean Air Lines, holding a 3.8 percent stake, also has expressed to cast vote for Cho Won-tae.
The additional stakes purchased by Cho Hyun-ah and her supporters, however, cannot be counted during the upcoming shareholders¡¯ meeting in March, voting to extend Cho Won-tae¡¯s board term.
Votes are eligible to shares held by the end of last year.
Market experts suspect the heirless and her team would use their increased power at extraordinary shareholders meetings, which could take place later this year. Meanwhile, KCGI recently has launched a fundraising move worth 100 billion won, suggesting the feud will likely stretch beyond the March shareholders meeting.
By Han Woo-ram, Choi Jae-won, and Cho Jeehyun
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]