National Pension Service Sold 1.28 Million Shares of HDC Hyundai Development Company

[Asia Economy Reporter Park So-yeon] The National Pension Service announced on the 24th that it sold a total of 35.4 billion KRW (1,708,861 shares at 20,724 KRW per share) by actively disposing of its shares in HDC Hyundai Development Company from the 14th to the 18th.

As a result, the National Pension Service's stake in HDC Hyundai Development Company decreased from 11.67% as of December 31, 2021, to 9.73% currently. The number of shares held dropped from 7,692,326 to 6,414,813, a decrease of 1,277,513 shares. The average unit price was 19,920 KRW, and the total sales amount was 25.4 billion KRW.

Following the collapse accident at the Gwangju I-Park newly constructed apartment, HDC Hyundai Development Company's stock price plummeted from around 26,500 KRW before the collapse to approximately 14,350 KRW as of 3:12 PM on the 24th.

Meanwhile, as calls for accountability toward HDC Hyundai Development Company's management increase in relation to the Gwangju I-Park apartment collapse, labor unions and civic groups are urging the National Pension Service to actively exercise shareholder rights against companies that have damaged corporate and shareholder value due to a lack of responsibility.

On the same day, organizations including People's Solidarity for Participatory Democracy, the Korean Confederation of Trade Unions, the Federation of Korean Trade Unions, and the National Action for Strengthening Public Pensions held a press conference in front of the National Pension Service Chungjeongno building in Seodaemun-gu, Seoul, stating, "At the March regular shareholders' meeting, the National Pension Service, as a major shareholder, must take the lead in improving governance at HDC Hyundai Development Company, Kakao, and E-Mart."