Taewon Chey to Sell 944 Billion Won Worth of SK Shares to Raise Funds for Asset Division
Plans to Sell 2.3% Stake in SK Inc.
Shareholding to Drop from 17.8% to 15.5%
Sale Amount Matches Asset Division Settlement
Taewon Chey, Chairman of SK Group, will sell 944 billion won worth of shares in SK Inc., the group's holding company, to raise funds for a property division settlement.
SK Inc. announced on the 2nd that Chairman Chey, its largest shareholder, plans to sell 1,653,924 shares (2.3%) he owns. The expected proceeds from the sale are 944 billion won, which matches the amount a court ordered to be paid to So-young Noh, Director of Art Center Nabi, as part of the asset division.
SK Inc. stated that the reason for the sale is "to raise personal funds by selling owned shares." The stock sale is scheduled to begin on November 2.
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After the sale is completed, Chairman Chey's holdings in SK Inc. will decrease from 12,975,472 shares to 11,321,548 shares. His stake will decline from 17.8% to 15.5%, and his stake including related parties will also drop from 25.2% to 22.9%.
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