SK Group Chairman Choi Tae-won will sell a 2.3% stake in SK Inc. This is to meet funding needs arising from his property division lawsuit with Art Center Nabi Director Noh So-young.
SK Inc. disclosed on the 2nd that Choi (Chairman) will sell 1,653,924 shares of SK Inc. through a block trade in after-hours trading. The transaction amount is 944 billion won, and the trading period is 30 days, from November 2 to December 1.
Of this, 544 billion won (972,493 shares) will be sold to strategic investors, and 400 billion won (681,431 shares) will be sold to securities firms via the PRS method. PRS is a method where profits and losses between contract parties are settled based on future fluctuations in SK Inc.’s stock price.
Upon completion of the transaction, Choi (Chairman)’s stake ratio will decrease from 17.8% to 15.5%. The stake ratio based on voting shares will drop from 23.9% to 20.8%. Including special relationship parties, the Choi (Chairman) side’s stake ratio will decrease from 25.2% to 22.9%, and based on voting shares, it will fall from 33.5% to 30.5%, respectively.
Even after this transaction, Choi (Chairman) will maintain the status of largest shareholder. SK Inc. explained that there will be no change in the management foundation of Choi (Chairman), as the stake ratio including special relationship parties will remain above 20%.
An official from SK Inc. stated, “Choi (Chairman) plans to continue focusing on responsible management and enhancing SK Inc.’s corporate valuation,” adding, “SK Inc. also intends to consistently pursue its existing growth strategy, investment plans, and shareholder value enhancement policies.”
Choi (Chairman) is engaged in a property division lawsuit with Director Noh. In the retrial of the divorce property division case last July, it was determined that Choi (Chairman) must pay 944 billion won to Director Noh, and the case is currently under review by the Supreme Court following a re-appeal by the Choi (Chairman) side.
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