Hoban Construction Secures Over 20% Stake in Hanjin KAL... Gap with Cho Won-tae Narrows to 0.4% Points

Hoban Construction Claims "Pure Investment" Intent
Industry Voices Speculation of a Hostile M&A Attempt

Hoban Construction has secured more than 20% of the shares in Hanjin KAL, the holding company of Hanjin Group. The gap between Hoban Construction and Cho Won-tae, the Chairman of Hanjin Group and the largest shareholder of Hanjin KAL, is now just 0.4 percentage points.

According to the Financial Supervisory Service’s electronic disclosure system as of July 10, 2026, Hoban Construction now holds 20.15% of Hanjin KAL shares.

Hoban Construction itself owns 11.5%, while its special affiliate Hoban Hotel & Resort holds 8.34%. Hoban Industry and Hoban each own 0.17% and 0.15%, respectively.

As a result, the shareholding gap between Hoban Construction and Chairman Cho has narrowed to 0.42 percentage points. As of the end of March, Chairman Cho’s shareholding stood at 20.57%.

Although Hoban Construction has stated that its acquisition of Hanjin KAL shares is for 'simple investment' purposes, there is speculation within and outside the aviation industry that Hoban Construction may be aiming for a hostile merger and acquisition (M&A).

However, if the friendly shares on Chairman Cho’s side are included, the gap with Hoban Construction widens. Delta Air Lines, known to support Chairman Cho’s management rights, holds 14.9% of Hanjin KAL shares. Korea Development Bank owns 10.56%.

Hoban Construction became the second-largest shareholder by purchasing shares from the private equity fund KCGI, which had previously engaged in a management dispute with Hanjin KAL, in 2022. The company continued to steadily increase its stake, including an additional purchase of 5.85% from Pan Ocean in 2023.

This content was produced with the assistance of AI translation services.