Cho Yang-rae Increases Stake in Korea & Company... Cho Hyun-beom's Friendly Shares at 46.53%
Attention on Ban Jo-hyun-beom's 30.4% Stake + Tender Offer Shares
Jo Yang-rae, Honorary Chairman of Korea & Company Group, has additionally purchased 0.95% of the shares of Korea & Company, the group's holding company.
According to the Financial Supervisory Service's electronic disclosure on the 19th, Honorary Chairman Jo Yang-rae acquired 700,000 shares (worth approximately 13.2 billion KRW) of Korea & Company on the 18th through on-market purchases, followed by an additional 200,000 shares (worth approximately 3.5 billion KRW) on the same day. Previously, on the 7th, he acquired 2,583,718 shares (worth approximately 57 billion KRW), and on the 15th, 300,000 shares (worth approximately 5.2 billion KRW). With these consecutive stock purchases, Honorary Chairman Jo Yang-rae's stake, effectively supporting his second son Chairman Jo Hyun-beom, has increased to a total of 3,783,718 shares (3.99%).
On the same day, Hyosung Advanced Materials, an affiliate of the Hyosung Group, also secured an additional 103,860 shares (0.35%) of Korea & Company, further increasing Chairman Jo Hyun-beom's friendly stake. Hyosung Advanced Materials had also purchased 146,460 shares (0.15%) of Korea & Company the previous day and was listed as a special related party to Chairman Jo.
Following the share acquisitions by his father and Hyosung Advanced Materials, Chairman Jo Hyun-beom's stake (42.03%) and those of his supporting special related parties have increased to a total of 46.53%.
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Regarding the shares of Korea & Company, Jo Hyun-sik, the eldest son of Honorary Chairman Jo Yang-rae and an advisor at Korea & Company, is in conflict with Chairman Jo Hyun-beom's side by partnering with the private equity fund (PEF) operator MBK Partners. The anti-Jo Hyun-beom faction, including Jo Hyun-sik's younger sister Jo Hee-won and eldest sister Chairwoman Jo Hee-kyung, holds approximately 30.35% of the shares. However, MBK Partners has shown strong determination to secure management rights by acquiring 20.35% to 27.32% of Korea & Company shares through a tender offer running until the 25th, making the outcome of this 'brothers' conflict' unpredictable.
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