[Asia Economy Reporter Ji Yeon-jin] Namyang Dairy Products has been soaring for two consecutive days following news on the 31st that the largest shareholder stake, including management rights, will be sold to a private equity fund.


As of 9:17 AM on the day, Namyang Dairy Products was trading at 693,000 KRW, up 21.58% compared to the previous trading day. Shortly after the market opened, it surged to 701,000 KRW, setting a new 52-week high.


Earlier, Namyang Dairy Products announced that it had signed a contract to sell 378,938 common shares held by former Chairman Hong Won-sik, his wife Lee Woon-kyung, and grandson Hong Seung-ui to the domestic management participation private equity fund (PEF) Hahn & Company. Following this, Namyang Dairy Products hit the upper price limit at the start of trading on the 28th and closed at 570,000 KRW.


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This corresponds to 52.63% of the owner family’s shares, including former Chairman Hong’s 51.8% stake. The contract amount is 310.72916 billion KRW.


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