Hoban Construction Increases Hanjin KAL Stake to Over 20%, Narrowing Gap with Chairman Cho Won-tae to 0.42%p

Hoban Construction has secured over 20% of shares in Hanjin KAL, the holding company of Hanjin Group, which owns Korean Air, narrowing the gap with the largest shareholder, Hanjin Group Chairman Cho Won-tae, to 0.42 percentage points.
According to the Financial Supervisory Service's Data Analysis, Retrieval and Transfer System (DART) on Friday, July 10, Hoban Construction held a 20.15% stake in Hanjin KAL as of the same day.
This figure is 1.28 percentage points higher than the 18.87% recorded at the end of March.
Hoban Construction holds an 11.5% stake, while its special affiliates, Hoban Hotel & Resort, Hoban Industrial, and Hoban, hold 8.34%, 0.17%, and 0.15%, respectively.
As a result, the difference in Hanjin KAL shareholdings between the Hoban Construction side and Hanjin Group Chairman Cho Won-tae has narrowed to 0.42 percentage points.
Chairman Cho's stake was 20.57% as of the end of March.
While Hoban has stated that its purchase of Hanjin KAL shares is for "simple investment" purposes, there is speculation within and outside the aviation industry that Hoban Construction may be eyeing a hostile merger and acquisition (M&A).
However, when including the friendly shares supporting Chairman Cho's management rights, the gap between his side and Hoban Construction remains significant.
Delta Air Lines, known to support Chairman Cho's management, holds a 14.9% stake in Hanjin KAL.
The Korea Development Bank holds a 10.56% stake.
Additionally, the National Pension Service, which could be a variable, holds a 5.46% stake.
Hoban Construction became the second-largest shareholder in 2022 after purchasing shares from the private equity fund KCGI, which had previously engaged in a management dispute with Hanjin KAL. The company has steadily increased its stake, including the additional purchase of a 5.85% stake in Hanjin KAL from Pan Ocean in 2023.
Hoban Construction previously explored the acquisition of Kumho Industrial, which owned Asiana Airlines, back in 2015.
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.