[Alpha Biz= Reporter Kim Jisun] Hyosung Vice Chairman Cho Hyun-sang lowered his stake below 3% by selling an additional stake in Hyosung Heavy Industries.
Hyosung Heavy Industries announced on the 29th that Vice Chairman Cho disposed of 44,590 shares (0.48%) of Hyosung Heavy Industries' common shares from the 22nd to the 23rd.
The disposal amount is 323,959 won per share, a total of 14.45 billion won.
Cho previously disposed of 160,817 shares (1.72%) of Hyosung Heavy Industries' common shares from the 12th to the 19th. At that time, the stake decreased from 4.88% to 3.16%.
With the additional sale, Vice Chairman Cho's stake in Hyosung Heavy Industries fell again to 2.68%.
Hyosung Group organized its succession management structure by dividing the group during the lifetime of the late honorary chairman Cho Seok-rae, and the movement to separate the group is becoming visible.
Hyosung will set up a new holding company centered on high-tech materials on July 1, and Vice Chairman Cho, the third son of Honorary Chairman Cho, will take charge of managing the new holding company.
Under the Fair Trade Act, mutual holdings should be lowered to less than 3% on the basis of listed companies in order to separate relatives.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
