Hoban Construction increased its stake in Hanjin KAL to 20.15% through on-exchange purchases, narrowing the gap with Chairman Cho Won-tae's holdings to just 0.42 percentage points. According to a disclosure filed with the Financial Supervisory Service on the 10th, Hoban Construction now holds 13,454,674 shares, up from 18.46% previously, after acquiring an additional 1,132,900 shares. The shareholding expansion was driven by Hoban Hotel & Resort's purchase of 1,020,755 shares on-exchange and the inclusion of Hoban Industrial as a newly affiliated party. Despite maintaining its stated purpose as 'simple investment', the reduced gap with Cho's 20.57% stake has reignited speculation about a potential control dispute. The disclosure comes amid South Korea's regulatory framework requiring large shareholders to report changes in holdings exceeding certain thresholds.
Hoban Subsidiaries Expand Hanjin KAL Holdings Through On-Exchange Purchases
Hoban Hotel & Resort acquired 1,020,755 Hanjin KAL shares through on-exchange transactions, while Hoban Industrial was newly included as an affiliated party in the disclosure. The current shareholding breakdown by Hoban affiliates is: Hoban Construction 11.50%, Hoban Hotel & Resort 8.34%, Hoban Industrial 0.17%, and Hoban Co., Ltd. 0.15%. The total stake of 20.15% represents 13,454,674 shares, up 1.69 percentage points from the previous report.
Chairman Cho Won-tae and special relations hold 20.57% (13,732,889 shares) of Hanjin KAL's common stock according to the company's Q1 audit report this year. The gap between Hoban Group and Cho's holdings has narrowed to approximately 278,000 shares, down from 1.78 percentage points at the end of last year. When including friendly stakes held by Delta Air Lines (14.90%) and Korea Development Bank (10.58%), Cho's total aligned shareholding reaches the 46% range.
Hanjin KAL Stock Price Surges Over 19% Following Disclosure
Hanjin KAL's stock price jumped more than 19% intraday on the NextTrade (NXT) market immediately after the disclosure. Market observers interpreted the surge as reflecting expectations that shareholding competition could resurface. The stock movement indicates investor attention to the narrowing gap between Hoban Group and Chairman Cho's holdings.
Hoban Group Reiterates Simple Investment Purpose
Hoban Group stated that the increased stake reflects investment based on the growth potential of the aviation industry and maintained the position is for simple investment purposes. The company drew a line regarding control dispute speculation. Hoban Group declined to comment on plans for additional share purchases.
FAQ
What is Hoban Construction's current stake in Hanjin KAL?
Hoban Construction holds 20.15% of Hanjin KAL (13,454,674 shares) as disclosed on the 10th, up from 18.46% previously.
How large is the gap between Hoban Group and Chairman Cho Won-tae's holdings?
The gap is 0.42 percentage points (approximately 278,000 shares), with Cho and special relations holding 20.57% compared to Hoban's 20.15%.
