[Featured Stock] Hanjin Kal, Unfinished Management Dispute... Surges for Three Consecutive Days
[Asia Economy Reporter Minji Lee] Hanjin KAL has been on a sharp rise for three consecutive days.
At 10:05 a.m. on the 31st, Hanjin KAL was trading at 88,300 KRW, up 18.84% from the previous session on the KOSPI market. At the same time, Hanjin KAL Preferred Stock (Hanjin KAL Woo) also rose 4.27%.
This is interpreted as a result of the prolonged phase of the management rights dispute between the current management of the Hanjin Group and the three-party shareholder alliance consisting of KCGI, Bando Construction, and former Korean Air Vice President Cho Hyun-ah.
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On the 27th, Cho Won-tae, chairman of the Hanjin Group, successfully secured reappointment as an inside director at the Hanjin KAL shareholders' meeting, thereby maintaining management rights for the time being. However, considering that the three-party shareholder alliance has recently purchased shares of Hanjin KAL, the management rights dispute between both sides is expected to continue.
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