KCGI Boosts Stake in Hanjin KAL to 17.68%
The share price of Hanjin KAL, the holding company of Hanjin Group, has topped 80,000 won amid an intensifying dispute over the group’s control. The stock price of Hanjin KAL rose 21.69 percent to 81,900 won on March 3.
Grace Holdings, a special purpose company under KCGI, announced on the day that it purchased additional Hanjin KAL shares, boosting its stake to 17.68 percent. As a result, the three-party alliance among KCGI, Bando Engineering & Construction (13.3 percent), and Cho Hyun-ah, a former vice president of Korean Air (6.49 percent) who is an elder sister of Hanjin Group chairman Cho Won-tae, raised their combined stake to 37.63 percent from 37.08 percent.
The three-party alliance is in a proxy battle with Hanjin Group chairman Cho Won-tae over the group’s managerial control.