As Hyosung Group accelerated its transition to a dual holding company structure, the process of share exchange between Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang of HS Hyosung was swiftly carried out. Through this share exchange, the separation of management rights between the brothers was formalized, and both sides completed the arrangement of their respective shares.
On August 21, HS Hyosung announced through a public disclosure that Vice Chairman Cho Hyun-sang had acquired an additional 861,411 common shares of HS Hyosung through an after-hours block deal from Chairman Cho Hyun-joon. As a result, Vice Chairman Cho Hyun-sang's stake in HS Hyosung increased to 55.08%, while Chairman Cho Hyun-joon completely disposed of his HS Hyosung shares, severing all shareholding ties with the company.
This share exchange was actively pursued after HS Hyosung's launch on July 1, and analysts in the business community interpret this as Hyosung Group essentially taking steps toward the separation of its affiliates.
According to the Fair Trade Act, in order to separate affiliates between relatives, the cross-shareholding ratio in listed companies must be reduced to less than 3%.
Additionally, Hyosung Corporation announced in a public disclosure that Chairman Cho Hyun-joon acquired 1,337,684 common shares of Hyosung Corporation from Vice Chairman Cho Hyun-sang through after-hours trading on August 16, 19, and 21. Consequently, Chairman Cho Hyun-joon's stake in Hyosung Corporation increased from 33.03% to 41.02%, while Vice Chairman Cho Hyun-sang's stake decreased from 22.02% to 14.06%.
Through this share exchange, Chairman Cho Hyun-joon further strengthened his control over Hyosung Corporation, while Vice Chairman Cho Hyun-sang solidified his position as the largest shareholder of HS Hyosung.
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Hyosung Group Completes Separation of Brother's Management Rights through Share Exchange… Initiates Full-Scale Transition to H
As Hyosung Group accelerated its transition to a dual holding company structure, the process of share exchange between Chairman Cho Hyun-joon and Vice Chairman
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