Former Chairman Park Yong-man to Pursue Disposal of Entire Doosan Shareholding

Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, is giving a greeting at the Regulatory Sandbox 2nd Anniversary Performance Report held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul on the 2nd. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Seungjin Lee] Former Doosan Group Chairman Park Yong-man and his two sons are disposing of their entire Doosan shares.

According to the financial investment industry on the 23rd, former Chairman Park Yong-man and his sons, former Oricom Vice President Park Seowon and former Doosan Heavy Industries Executive Director Park Jaewon, have initiated demand forecasting for a block deal (large-scale off-hour trading) of 1,296,163 Doosan shares they hold.

The selling price per share is expected to be decided between 103,000 and 107,500 KRW, reflecting an 8.1% to 12% discount from the closing price of 117,000 KRW on the day.

If they succeed in the block deal, they are expected to secure nearly 140 billion KRW in funds. The block deal will take place before the market opens on the 24th.

Earlier, former Chairman Park announced in November last year that he would step down from the front lines of management upon leaving the group and focus on volunteer work and relief efforts for marginalized groups. In January this year, he and his younger son, former Executive Director Park, established the consulting firm Bell Street Partners, marking the start of their independent ventures.

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