Hoban Group Secures 18.46% Stake in Hanjin KAL

Hoban Construction has raised its stake in Hanjin KAL, the holding company of Hanjin Group, to over 18%.

On May 12, Hoban Construction announced that its stake in Hanjin KAL had increased from 17.44% to 18.46%.

Hoban Construction Headquarters Building Exterior. Hoban Construction

Hoban Hotel & Resort Co., Ltd., an affiliate of Hoban Construction, purchased 641,974 shares (0.96%) of Hanjin KAL on the market between March last year and April this year. In addition, Hoban Co., Ltd. acquired an additional 34,000 shares (0.05%) in March last year. As a result, Hoban Hotel & Resort's stake in Hanjin KAL rose to 6.81%, and Hoban Co., Ltd.'s stake increased to 0.15%. Consequently, the combined stake held by Hoban Construction and its related parties reached 18.46%. Hoban Construction already held an 11.50% stake in Hanjin KAL.

A Hoban Construction official explained, "The shares were acquired solely for investment purposes."

Hoban Construction became the second-largest shareholder in Hanjin KAL after acquiring shares from the private equity fund KCGI, which had been engaged in a management dispute with Hanjin KAL, in 2022. Subsequently, in 2023, Hoban Construction purchased an additional 5.85% stake in Hanjin KAL from Pan Ocean.

Currently, Cho Won-tae, Chairman of Hanjin Group and the largest shareholder of Hanjin KAL, along with related parties, holds a 30.54% stake in Hanjin KAL. Of this, 10.58% is held by Korea Development Bank.