Huh Yoonhong, President of GS Construction, Becomes Second Largest Shareholder

Heo Yunhong, president of GS Construction, has become the second largest shareholder after receiving shares as a gift from his father, Chairman Heo Changsoo.

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GS Construction announced on the 28th that President Heo Yunhong's holdings increased by 2 million shares to 3,331,162 shares. With this gift, President Heo's stake rose from 1.66% to 3.89%, an increase of 2.23 percentage points.

The largest shareholder, Chairman Heo, saw his holdings decrease from 7,089,463 shares (8.85%) to 5,089,463 shares (5.95%), a drop of 2.9 percentage points.

President Heo was appointed as CEO in October last year and has taken a leading role in GS Construction's management, which is interpreted as strengthening his control by increasing his shareholding.

Born in 1979, President Heo started as a new employee at GS Caltex and joined GS Construction in 2005, working in finance, management innovation, and plant divisions. He was appointed as an executive at GS Construction in 2013. Since 2019, he has led the New Business Promotion Office, pioneering overseas markets and discovering strategic businesses such as water treatment and modular construction, and was appointed CEO at the end of last year.

After the underground parking lot collapse accident at the Geomdan apartments in Incheon in April last year, President Heo has been focusing on "on-site management" with an emphasis on restoring trust to overcome the crisis faced by GS Construction.

In his New Year's address, President Heo stated, "This year, we will strengthen the foundation and substance of the construction industry to solidify the basis for a leap forward and lay the groundwork for mid- to long-term projects."

Meanwhile, following the Geomdan underground parking lot collapse accident, GS Construction received an eight-month business suspension from the Ministry of Land, Infrastructure and Transport and a one-month suspension from the Seoul Metropolitan Government. GS Construction filed for a stay of execution and an administrative disposition cancellation lawsuit with the court, and on the 28th, the court approved the stay of execution for the Seoul Metropolitan Government's one-month business suspension. It is also highly likely that the stay of execution application for the Ministry of Land, Infrastructure and Transport's disposition will be approved.

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