Hyosung Vice Chairman Jo Hyun-sang Sells Partial Stake in Hyosung Heavy Industries

Hyosung. Photo by Jinhyung Kang aymsdream@

Hyosung Heavy Industries announced on the 19th that Vice Chairman Cho Hyun-sang disposed of 160,817 common shares (1.72%) of Hyosung Heavy Industries.

Vice Chairman Cho sold the shares on the market in six transactions from the 12th to the 19th. The disposal price was 326,970 KRW per share, totaling 52.58 billion KRW.

As a result, Vice Chairman Cho's stake in Hyosung Heavy Industries decreased from 4.88% to 3.16%.

Before the passing of Honorary Chairman Cho Seok-rae, the Hyosung Group organized its succession management structure through a group split, and movements toward affiliate separation are becoming visible. Hyosung plans to establish a new holding company focused on advanced materials on July 1, with Vice Chairman Cho Hyun-sang taking charge of managing the new holding company. The business community expects that after the existing and new holding companies each form their own boards, Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang will go through a process of adjusting their respective shareholdings, leading to a complete separation of affiliates.