Sold to Secure Inheritance Tax Funds
Transaction Amounts to Approximately 259.6 Billion Won
Cho Hyunjoon, Chairman of Hyosung, has sold 4.90% of his stake in Hyosung Heavy Industries to a top-tier global tech fund based in the United States.
On May 23, Hyosung Heavy Industries announced in a regulatory filing that Chairman Cho sold 456,903 shares of Hyosung Heavy Industries through after-hours trading to secure funds for inheritance tax. The sale price was 568,100 won per share, with the total transaction amounting to approximately 259.6 billion won.
As a result of this stake sale, Chairman Cho's ownership in Hyosung Heavy Industries has decreased from 14.89% to 9.99%. The largest shareholder of Hyosung Heavy Industries is Hyosung Corporation, with a 32.47% stake. The company stated that Chairman Cho does not have any additional plans to sell his shares in Hyosung Heavy Industries.
The buyer of Chairman Cho's shares is known to be a major long-term investment firm (tech fund) based in the United States. This fund reportedly decided to invest after evaluating the future value and growth potential of Hyosung Heavy Industries while considering investments in Korean power solution companies.
A representative from Hyosung stated, "We have been in discussions with the fund to build a cooperative relationship," and added, "As the fund focuses on investing in key growth stocks by sector, this investment should be viewed from a long-term perspective."
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