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[Alpha Biz=(Chicago) Reporter Kim Jisun] DB HiTek shares plunged after activist fund KCGI sold part of its DB HiTek holdings to DB Group's holding company.
On the 3rd, DB Hitech closed at 54,800 won, down 6.48% from the previous trading day's close.
KCGI announced that it sold 2.5 million DB HiTek shares (5.6% stake) in an after-hours bulk sale (block deal) to DB Inc, which serves as a holding company of DB Group, after the market closed on the 28th of last month. The total sale amount is 165 billion won, which is 66,000 won per share.
The block deal raised the stake of DB Inc., the largest shareholder of DB HiTek, from 12.42 percent to 18 percent, while KCGI's stake fell from 7.05 percent to 1.42 percent.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
