JoongAng Holdings Chairman Seokhyun Hong Sells Stake in BGF Retail
Seokhyun Hong, Chairman of JoongAng Holdings, has sold his shares in BGF Retail.
According to the Financial Supervisory Service's electronic disclosure system on June 23, Chairman Hong sold 370,878 shares of BGF Retail through on-market transactions on June 18 and June 22–23. As a result, his ownership stake decreased from 3.17% to 1.02%.
Previously, Chairman Hong had also sold all 1,021,212 shares he owned in BGF, the holding company, over five transactions between June 11 and June 17.
This series of share sales is interpreted as being linked to a liquidity crisis at JoongAng Group.
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JoongAng Holdings, ContentreeJoongAng, JoongAng P&I, Megabox JoongAng, and JTBC—all part of JoongAng Group—filed for the commencement of rehabilitation procedures on June 14–15.
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