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[Alpha Biz=(Chicago) Reporter Paul Lee] Lee Jae-woong, CEO of Socar, has purchased an additional stake in Socar since the beginning of the year. It is to counter the hostile M & A (M & A) of Lotte Total, the second largest shareholder.
On the 16th, Socar announced that SOQRI had purchased an additional 142,000 shares of Socar (0.43%, about 2.3 billion won). SOQRI is a company with 83% owned by Socar CEO Lee Jae-woong. As a result, the share of Jaewoong Lee and related parties increased by 0.43% point from 39.33% to 39.76%.
Lee's stock purchase is interpreted as a defense of management rights.
Lotte Rental, the second-largest shareholder, increased its stake in Socar to 34.68% at the end of November last year.
Lotte Rental, which became a major shareholder of Socar in March 2022, purchased 3,866,075 shares (13.29%) for 174.6 billion won from a financial investor (FI) who participated in Socar Free IPO (equity investment before listing).
As a result, Lotte Rental's stake increased from 11.81% in August last year to 14.99%.
Since then, Lotte Rental has decided to buy all 5,872,450 shares (17.9%) held by SK, the second-largest shareholder, on Aug. 31 last year, and the second put option (1.79%) has also been exercised, making Lotte Rental's final stake of 34.68%.
At that time (September last year), Lee Jae-woong's stake in Socar was 34.9%, which was not even 1% different from Lotte Rental, the second-largest shareholder.
As the possibility of Lotte Rental's hostile M & A has been raised, Socar has made several in-house purchases to defend its management rights. Lee Jae-woong, CEO of Socar, has a 39.76% stake, which is about 5% more comfortable than Lotte Rental (34.68%).
Although both companies deny that it is not a competition for equity, the competition for equity is expected to continue for the time being as Lotte Rental's cashable assets amount to 400 billion won.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
