Vice Chairman Jo Hyun-sang of Hyosung Sells Additional Shares of Hyosung Heavy Industries... Step Toward Affiliate Separation
Johyeonsang's stake in Hyosung Heavy Industries at 2.68%
Must be below 3% if separating affiliates among relatives
Cho Hyun-sang, Vice Chairman of Hyosung, has further reduced his stake in Hyosung Heavy Industries to below 3% by selling additional shares.
Hyosung Heavy Industries disclosed on the 29th that Vice Chairman Cho sold 44,590 common shares (0.48%) of Hyosung Heavy Industries through on-market transactions on the 22nd and 23rd. The disposal price was 323,959 KRW per share, totaling 14.45 billion KRW. With this sale, Vice Chairman Cho's stake in Hyosung Heavy Industries decreased from 3.16% to 2.68%.
From the 12th over eight days, Vice Chairman Cho also sold 160,817 common shares (1.72%) of Hyosung Heavy Industries in six transactions, lowering his stake from 4.88% to 3.16% at that time. According to the Fair Trade Act, to separate affiliates among relatives, the mutual shareholding ratio must be reduced to below 3% for listed companies.
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Before the passing of Honorary Chairman Cho Seok-rae, the Hyosung Group arranged its succession management structure through a group split. The business community expects that Chairman Cho Hyun-joon and Vice Chairman Cho will organize their shares to achieve a complete separation of Hyosung Group affiliates. It is anticipated that Cho Hyun-joon, the eldest son of the late Honorary Chairman Cho, will take charge of Hyosung, while the third son, Cho Hyun-sang, will oversee the newly established holding company.
![Cho Seok-rae, Honorary Chairman of Hyosung Group. He passed away on the 29th of last month at the age of 89. <br>[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2024042920035056370_1714388630.jpg)
Cho Seok-rae, Honorary Chairman of Hyosung Group. He passed away on the 29th of last month at the age of 89.
[Image source=Yonhap News]
Vice Chairman Cho's recent share sale can be seen as part of the affiliate separation movement. Hyosung plans to establish a new holding company focused on advanced materials on July 1, with Vice Chairman Cho managing the company. In the future, the existing and newly established holding companies are expected to form their own boards of directors.
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