[Special Stock] Hanjin Kal Rises as Management Dispute Grows... Hits New High Again

Kang Sung-bu Fund Shares Rise to 73,500 Won After Additional Purchase... New Weekly High Set

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] Hanjin Group's holding company Hanjin Kal has broken its record for the highest stock price ever. Investor sentiment appears to have focused on viewing the management dispute within Hanjin Group as part of a 'normalization' process.

According to the Korea Exchange on the 3rd, as of 10:15 a.m., Hanjin Kal's stock price rose 5.50% from the previous day to 71,000 KRW. During the session, it even climbed to 73,500 KRW, setting a new all-time high. This came just a week after hitting a record of 65,600 KRW on the 27th of last month.

Meanwhile, Grace Holdings, an investment purpose company under KCGI, an activist private equity fund known as the 'Kang Sung-bu Fund,' announced on the same day that it had purchased additional shares of Hanjin Kal, raising its stake to 17.68%. Accordingly, KCGI is joining forces with former Korean Air Vice President Cho Hyun-ah and Bando Construction to contest the management rights of Hanjin Group Chairman Cho Won-tae.

With this share acquisition, the anti-Cho Won-tae alliance's stake increased from 37.08% to 37.63% (KCGI 17.68%, former Vice President Cho 6.49%, Bando Construction 13.3%).