Joo Hyun-joon Sells All HS Hyosung Shares "Joo Hyun-sang Holds 55.08%"

Following the restructuring of Hyosung Group into a two holding company system, the share exchange between Chairman Cho Hyun-joon of Hyosung and Vice Chairman Cho Hyun-sang of HS Hyosung is gaining momentum.

Chairman Cho Hyun-joon of Hyosung
[Photo by Yonhap News]

On the 21st, HS Hyosung announced, "On the 19th and 21st, Vice Chairman Cho Hyun-sang acquired an additional 861,411 common shares of HS Hyosung from Chairman Cho Hyun-joon through off-hours block trades."

Through this, Vice Chairman Cho Hyun-sang's stake in HS Hyosung increased to 55.08%, while Chairman Cho Hyun-joon disposed of all his HS Hyosung shares, reducing his stake to 0%. This means Chairman Cho Hyun-joon has completely settled his equity relationship with HS Hyosung.

Earlier, on the 19th, HS Hyosung reported that Vice Chairman Cho Hyun-sang exchanged 369,176 common shares of HS Hyosung held by Chairman Cho Hyun-joon for 406,459 common shares of Hyosung owned by Vice Chairman Cho Hyun-sang, resulting in a change of the largest shareholder. Additionally, Hyosung stated that Chairman Cho Hyun-joon acquired 1,337,684 common shares of Hyosung from Vice Chairman Cho Hyun-sang through off-hours trades on the 16th, 19th, and the current day.

As a result, Chairman Cho Hyun-joon's stake in Hyosung increased from 33.03% on the 3rd of last month to 41.02% as of this date. Vice Chairman Cho Hyun-sang's stake decreased from 22.02% to 14.06%.

In the business community, it is expected that following the launch of the newly established holding company HS Hyosung on the 1st of last month, Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang will complete a full separation of their affiliates through share restructuring. According to the Fair Trade Act, to separate affiliates among relatives, the mutual shareholding ratio in listed companies must be reduced to below 3%.

This content was produced with the assistance of AI translation services.