▲ SK Group Chairman Chey Tae-won heads to the courtroom to attend the second hearing for the remanding of the property division lawsuit at the Seoul Central District Court in Seocho-gu, Seoul, on the 26th.
SK Group Chairman Chey Tae-won has decided to sell his shares in the holding company SK Inc. to secure 944 billion won to be paid to Roh Soh-yeong, director of Art Center Nabi, for property division.
Voting stake ratio, including special related parties, is expected to remain above 30%, maintaining management stability.
SK Inc. disclosed today (the 2nd) that Chairman Chey, the largest shareholder, plans to sell 1,653,924 shares (2.3%).
The amount Chairman Chey will secure through this is 944 billion won, the exact scale of the property division amount ordered by the court to be paid to Director Roh.
Regarding the reason for the sale, SK Inc. stated, "Securing personal funds through the sale of held shares."
The actual stock transaction is scheduled to take place one month later on November 2.
If the planned share sale is completed, Chairman Chey's held shares (common stock) in SK Inc. will change from 12,975,472 to 11,321,548.
Chairman Chey's stake in SK Inc. will change from 17.8% to 15.5%, and his stake including special related parties will shift from 25.2% to 22.9%.
Based on voting shares, Chairman Chey's stake will change from 23.9% to 20.8%, and including special related parties, from 33.5% to 30.5%.
Even after this transaction, his status as the largest shareholder remains the same, and the stake including special related parties will stay above 20% and above 30% based on voting shares, leading to forecasts that there will be no problem in maintaining the company's stable management foundation.
The sales method will be conducted as a block deal (after-hours bulk trade) to minimize the impact on the market.
Out of the 944 billion won target for sale, 544 billion won will be sold to strategic investors, and 400 billion won will be sold to securities firms via a PRS (Price Return Swap) structure.
In the case of strategic investors, analysis suggests they participated in purchasing a portion of the largest shareholder's stake by comprehensively considering SK Inc.'s business competitiveness and mid-to-long-term growth potential.
In the case of the PRS-style sale to securities firms, since it is a structure that settles gains and losses between contracting parties according to future fluctuations in SK Inc.'s stock price, Chairman Chey, as the largest shareholder, can continue to share incentives for the continuous growth of SK Inc.'s corporate value even after the sale.
An official from SK Inc. explained, "We understand that Chairman Chey comprehensively reviewed the transaction structure and scale to minimize the impact on the market and shareholders during the stake sale process, and to ensure stable management of the company and continued responsibility as the largest shareholder."
Last July, the appeals court handling the remanded property division lawsuit between Chairman Chey and Director Roh calculated Chairman Chey's property division amount at 944 billion won.
Failing to accept this, Chairman Chey filed a re-appeal last August, and subsequently submitted an application to reduce the scope of his appeal, stating that he would not dispute 700 billion won of the property division amount and would seek a Supreme Court judgment only on the remaining 244 billion won.
Chairman Chey is reportedly maintaining the stance that ongoing legal procedures will proceed regardless of this stake sale.
(Photo: Yonhap News)
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