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[Alpha Biz=(Chicago) Reporter Kim Jisun] Chairman Cho Hyun-bum's stake reached nearly half as Cho Yang-rae, honorary chairman of Hankook & Company, and Hyosung Advanced Materials, a subsidiary of Hyosung Group, bought additional Hankook & Company shares.
According to the Financial Supervisory Service's electronic disclosure on the 21st, honorary chairman Cho Yang-rae and Hyosung Advanced Materials bought 0.95% and 0.35% of Hankook & Company shares in the market from the 18th to the 19th, respectively.
As a result, the stake in Hankook & Company held by Honorary Chairman Cho Yang-rae increased to 3.99%. Hyosung Advanced Materials' stake also increased from 0.15% to 0.51%. Hyosung Advanced Materials has signed an agreement with Chairman Cho Hyun-bum to jointly hold shares for the joint exercise of voting rights.
Cho Hyun-beom, chairman of Hankook & Company Group (42.03%), honorary chairman Cho Yang-rae, and Hyosung Advanced Materials have a total stake of 46.53%. Adding shares classified as friendly forces to this will be close to the majority.
Cho Hyun-sik (18.93%), his second daughter Cho Hee-won (10.61%), and Cho's stake add up to a total of 30.35%. MBK Partners needs to raise at least 19 to 20 percent more shares to secure a majority stake and take control of the company, but chances are slim ．
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
