[Governance] Major Shareholder Family Increases Stakes in Hyosung and Hyosung TNC... Expanding Group Control

[Asia Economy Reporter Park So-yeon] The major shareholder family of Hyosung Group is steadily increasing its control over the group through continuous on-market stock purchases.

According to the Financial Supervisory Service's electronic disclosure system on the 21st, Jo Seok-rae, Honorary Chairman of Hyosung Group, purchased 13,800 shares of Hyosung on the market from the 14th to the 19th of this month. The amount is approximately 1.1 billion KRW. His shareholding ratio increased by 0.07 percentage points (p) to 9.58%.

During the same period, Honorary Chairman Jo also purchased 4,230 shares of Hyosung TNC on the market, worth about 1.8 billion KRW. His shareholding ratio rose by 0.1 p to 8.36%.

Jo Hyun-joon, Chairman of Hyosung, and his children, In-young (20) and In-seo (16), also bought 685 and 590 shares of Hyosung, respectively, on the 11th of this month. On the same day, they additionally purchased 130 and 110 shares of Hyosung TNC, respectively.

The stock price of Hyosung reached a peak of 128,500 KRW on July 15 last year. It sharply declined this year to a low of around 77,500 KRW but recorded 84,600 KRW as of 10:17 AM on the 21st.

Previously, from December last year to February 10 this year, Jo Hyun-joon's children In-young, In-seo, and Jaehyun (10), along with Jo Hyun-sang, Vice Chairman's children In-hee (12), Su-in (10), and Jae-ha (7), purchased a total of 8.3 billion KRW worth of affiliate stocks on the market.

Meanwhile, the future direction of Honorary Chairman Jo Seok-rae's shares has not yet been determined. He holds shares in the holding company Hyosung at 9.58%, as well as in Hyosung Heavy Industries (10.18%), Hyosung TNC (8.36%), Hyosung Advanced Materials (10.19%), and Hyosung Chemical (6.7%).