Hanyang Academy, the school corporation of Hanyang University, announced on the 23rd that it has received approval from the Ministry of Education to sell shares of Hanyang Securities.
Hanyang Securities stated on the same day, "After confirming with the largest shareholder, the school corporation Hanyang Academy, it was verified that the Ministry of Education has approved the sale of Hanyang Academy's shares, and specific sale procedures will be carried out."
According to the current Private School Act, when a school corporation intends to sell, donate, or provide its property as collateral, it must obtain permission from the competent authority.
Earlier, on the 9th, Hanyang Academy held a board meeting and deliberated and resolved an agenda to sell 1,514,025 shares out of the 2,150,445 shares of Hanyang Securities held by the foundation. After the sale, Hanyang Academy's shareholding ratio in Hanyang Securities will decrease from 16.29% to 4.99% based on common shares.
At that time, Hanyang Academy stated, "The medical center has been operating at a deficit for several years due to aging hospital facilities and poor medical conditions, and to make matters worse, the strike by residents has further deteriorated the finances," adding, "We intend to dispose of some of the Hanyang Securities shares to use the proceeds for transfers to various schools and support for the medical center."
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