[Special Stock] Doosan Bobcat Plummets Over 7% Amid Major Shareholder Block Deal

Doosan Bobcat is falling by over 7% due to an off-hours block trade by its largest shareholder, Doosan Enerbility, on the 21st.

As of 9:53 AM on the same day, Doosan Bobcat is trading at 55,600 KRW on the KOSPI market, down 7.18% from the previous trading day.

The previous day, Doosan Enerbility announced that it would dispose of 5% (5 million shares) of its stake in Doosan Bobcat through an off-hours block trade before the market opens on this day.

This amounts to approximately 299.5 billion KRW based on the previous day's closing price, with the selling price per share reported to be between 54,800 and 56,200 KRW.

Han Young-su, a researcher at Samsung Securities, analyzed, "This transaction is negative for short-term investor sentiment because the seller is a major shareholder and the Doosan Bobcat stock price has risen 73% since the beginning of the year."

He added, "Both last year's price weakness and this year's sharp price increase demonstrate that potential selling pressure and governance issues affect Doosan Bobcat's stock price."

After the sale, Doosan Enerbility's stake in Doosan Bobcat will decrease from 51% to 46%. The remaining shares will be subject to a six-month lock-up period.