99,000 Shares Sold... Stake 0.00%
Approximately 14.6 Billion Won Cashed In
Interpreted as a Move to Secure Gift Tax Funds
Choi Jae-won, Senior Vice Chairman of SK Group and younger brother of SK Group Chairman Choi Tae-won, has sold almost all of his shares in SK Inc.
On the 26th, SK announced that Vice Chairman Choi sold 99,000 shares of SK Inc. over two days, on the 24th and 25th, through on-market transactions. On the 24th, he sold 50,000 shares at 147,957 KRW each, and on the 25th, he sold 49,000 shares at 147,121 KRW each. The total sale amount was approximately 14.6 billion KRW.
With this sale, Vice Chairman Choi's holdings decreased from 100,815 shares to 1,815 shares. His stake effectively dropped from 0.14% to nearly 0%.
This move is analyzed as an effort to secure funds for gift tax payments. Vice Chairman Choi received 1.66 million shares from Chairman Choi Tae-won in 2018 and 296,668 shares from Chairman Choi Ki-won in 2019, resulting in a 2.76% stake. Since then, he has been steadily selling shares through off-market and on-market transactions.
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