Cho Hyun-sang, Vice Chairman of Hyosung, has further sold his shares in Hyosung Heavy Industries, reducing his stake to the 1% range.
Hyosung Heavy Industries announced on the 21st that Vice Chairman Cho disposed of 121,075 common shares (1.30%) of Hyosung Heavy Industries through on-market sales between the 13th and 21st of this month.
The disposal amount was 339,990 KRW per share, totaling 41.16429 billion KRW.
Vice Chairman Cho has been steadily selling his shares in Hyosung Heavy Industries since last month, lowering his stake from 4.88% to 1.20% this time.
The Hyosung Group arranged its succession management structure through a group split during the lifetime of the late Honorary Chairman Cho Seok-rae.
Hyosung will establish a new holding company focused on advanced materials as of July 1, and Vice Chairman Cho, the third son of Honorary Chairman Cho, will take charge of managing the new holding company.
According to the Fair Trade Act, to separate affiliates among relatives, cross-shareholding must be reduced to less than 3% based on listed companies.
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