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Photo = Daol Investment & Securities |
[Alpha Biz= Paul Lee] A prolonged leadership dispute at Daol Investment & Securities between Chairman Lee Byung-chul, the largest shareholder, and the second-largest shareholder appears to have come to an end, following a major stock sell-off by an individual investor believed to be affiliated with Kim Ki-soo, CEO of Presto Investment Advisory.
According to the Korea Exchange, retail investors sold a net 5.91 million shares of Daol Investment & Securities last Thursday, accounting for 9.7% of the company’s total outstanding shares.
Daol Investment & Securities confirmed that Chairman Lee has not sold any of his shares recently. Meanwhile, Presto Investment Advisory declined to comment on whether the seller is affiliated with Kim.
However, market observers suggest that only Kim’s camp would likely have had access to such a significant volume of shares, suggesting the dispute is effectively resolved.
Back in April 2023, Kim’s side had significantly increased its holdings following a sharp stock price drop during the “SG Securities-led crash,” becoming the company’s second-largest shareholder. In September, Kim changed his shareholding status from “general investment” to “intention to influence management,” and launched shareholder proposals to challenge Chairman Lee’s control.
Despite the activism, all shareholder proposals from Kim’s camp were voted down during the 2023 annual general meeting. At the 2024 AGM, Kim’s side did not submit any new proposals, signaling a possible retreat from the battle for influence.
With this recent sell-off, Kim’s stake is estimated to have decreased from 14.34% to around 4%, while Chairman Lee maintains a 25.18% stake, further solidifying his control over the company.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
