Vice President Kim Hyunjung Becomes Largest Shareholder of Samhwa Paint... Inherits Late Chairman Kim Jangyeon's Stake

Secures 25.8% Stake
5 Percentage Point Lead Over Yoon Family, the Second-Largest Shareholder

Vice President Kim Hyunjung has become the largest shareholder of Samhwa Paint.

On January 2, Samhwa Paint announced that Vice President Kim had inherited a 22.9% stake in the company (6,192,318 shares) previously held by the late Chairman Kim Jangyeon.

As a result, Vice President Kim now holds a 25.8% stake in Samhwa Paint (7,018,431 shares), making her the largest shareholder.

Meanwhile, Chairman Kim passed away suddenly from acute sepsis in December of last year. The second-largest shareholder of Samhwa Paint is the family of former Chairman Yoon Heejung, who holds a 20.1% stake, raising the possibility of future conflicts over management rights.

Vice President Kim is required to pay inheritance tax within six months from the end of this month. The inheritance tax she will owe as a result of this stock transfer is expected to exceed 20 billion won.