[Featured Stocks] Doosan Falls on Park Yong-man Family Stake Sale... Oricom Hits Upper Limit

[Asia Economy Reporter Myunghwan Lee] While Doosan showed a downward trend in early trading on the 24th following news that the Park Yong-man family, former chairman of Doosan Group, disposed of all their shares, Oricom surged to the upper price limit.

As of 9:57 a.m. that day, Doosan was trading at 110,000 KRW, down 5.98% (7,000 KRW) from the previous trading day.

On the other hand, at the same time, Oricom was trading at 8,070 KRW, up 29.95% (1,860 KRW) from the previous trading day, approaching the price limit. Oricom is a company where Park Seowon, son of former chairman Park, served as vice president.

This is interpreted as news that the Park family, including former chairman Park, his son Park Seowon, former vice president of Oricom, and Park Jaewon, former executive director of Doosan Heavy Industries & Construction, collectively known as the three generations, have initiated a block deal (large volume trading outside regular hours) for 1,296,163 shares of Doosan. If successful, they are expected to secure nearly 140 billion KRW in funds.

The block deal is reported to have taken place before the market opened on the 24th.