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Biz News Korea(Eng)
Hankook Tire’s chief gifted with additional stake from his father to cement grip
- Collected
- 2022.05.05
- Distributed
- 2022.05.06
- Source
- Go Direct
Cho Hyun-bum
Hankook & Company disclosed Tuesday that its honorary chairman Cho Yang-rai gave his 7,019,903 shares, or 5.67 percent stake, in Hankook Tire & Technology to his son Hyun-bum. Hankook & Company is the holding company of Korea’s largest tire maker Hankook Tire & Technology (formerly Hankook Tire).
Upon receiving the gift, Cho Hyun-bum now owns 9,581,144 shares, or 7.73 percent stake, in Hankook Tire & Technology, making him the largest individual shareholder and the second largest after the holding entity Hankook & Company that holds 30.67 percent.
Cho Yang-rai, earlier in June 2020, had sold his entire 23.59 percent stake in Hankook & Company to Hyun-bum through after-hours block trading. The sale made Hyun-bum the largest shareholder with 42.9 percent stake, up from 19.31 percent.
Hyun-bum was made the head of the Korean tire giant last year after power struggle with his older brother.
On Wednesday, shares of Hankook & Company lost 1.4 percent to 14,200 won, while those of Hankook Tire & Technology gained 1.7 percent to 35,500 won.
By Lee Sae-ha and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]