[Featured Stock] Hanjin Kal Surges Over 17% on Expectations of Management Rights Dispute

[Image source=Yonhap News]

[Asia Economy Reporter Park Ji-hwan] The stock price of Hanjin KAL, the holding company of Hanjin Group, is showing a strong gain of over 17% due to expectations of a management rights dispute.

As of 1:56 PM on the 26th, Hanjin KAL is trading at 60,400 KRW, up 17.48% from the previous day. Hanjin KAL Preferred shares are also trading at 69,300 KRW, up 8,100 KRW (14.52%).

Recently, as the shareholder meeting season approaches, Hanjin Group has attracted significant attention due to a management rights dispute. The confrontation between Cho Won-tae, Chairman of Hanjin Group, and Cho Hyun-ah, former Vice President of Korean Air, has escalated into a full-scale shareholding competition with activist private equity fund KCGI (also known as the Kang Sung-bu Fund) and Bando Construction joining as a shareholder coalition.

Currently, the market's focus is on the upcoming shareholder meeting next month. It is expected that the overall direction of Hanjin Group will depend on which side the minority shareholders support on the day of the meeting.

Yang Ji-hwan, a researcher at Daishin Securities, explained, "Neither side is likely to achieve an overwhelming victory at the March regular shareholder meeting," adding, "Therefore, the competition for shares in Hanjin KAL is expected to continue going forward."