Hanjin KAL files disclosure confirming Hoban's 20.69% stake

Hoban edges out Cho Won-tae side by 0.11 percentage points

Cho set to buy 325,000 shares next month

Change in top shareholder possible again

Hoban Group's headquarters in Seocho-gu, Seoul (left), and the Hanjin Building in Sogong-dong, Seoul, home to Hanjin Group [Provided by each company]
Hoban Group's headquarters in Seocho-gu, Seoul (left), and the Hanjin Building in Sogong-dong, Seoul, home to Hanjin Group [Provided by each company]

Hoban Group has been officially confirmed as the largest shareholder of Hanjin KAL, the holding company of Korean Air. However, Hanjin Group Chairman Cho Won-tae is set to invest about 37 billion won to purchase additional Hanjin KAL shares next month, raising the possibility that the top shareholder position could change hands again.

Hanjin KAL disclosed through the Financial Supervisory Service's DART system Wednesday that its largest shareholder had changed from "Cho Won-tae and 18 related parties" to "Hoban Construction and three related parties."

Earlier, The Herald Business exclusively reported Monday that Hoban Group had surpassed Cho's side through open-market purchases to become Hanjin KAL's largest shareholder. The disclosure officially confirms that report.

According to the filing, Hoban Construction and its three affiliated entities hold a combined 13,814,053 common shares of Hanjin KAL, representing a 20.69% stake — 0.11 percentage points above Cho's combined holding of 20.58%, or 13,738,919 shares. The two sides are separated by 75,134 shares.

Among Hoban Group affiliates, Hoban Construction holds 11.50%, Hoban Hotels & Resorts 8.34%, Hoban Industrial 0.71% and Hoban 0.15%. The group raised its stake from 20.15% in July to 20.69% in roughly four months.

Hanjin KAL said Hoban Construction notified it Tuesday and confirmed the change in its largest shareholder. The balance certificate submitted by Hoban Construction is dated Monday.

The top shareholder position could shift again next month. Cho signed a contract Monday to purchase an additional 325,000 Hanjin KAL shares, or 0.49% of the company, for a total of 37.05 billion won. The per-share price is 114,000 won, with the transaction scheduled for Dec. 3.

If Cho acquires the shares as planned from parties outside his group of related persons and no other stake changes occur, his combined shareholding would rise to approximately 21.07%, putting him back ahead of Hoban Group.

"As disclosed Monday (report on trading plans for specific securities by executives and major shareholders), completing the purchase of 325,000 shares (0.49%) in early December would allow the largest shareholder of Hanjin KAL to revert to Chairman Cho Won-tae and his related parties," Hanjin Group said.

Hoban Group has consistently built up its Hanjin KAL stake since acquiring shares previously held by private equity fund KCGI in 2022, when it became the second-largest shareholder.

Hoban Group's stated purpose for holding the shares remains "simple investment." Separately from the shareholder question, Cho continues to run Hanjin KAL as its chief executive. Still, with the gap between the two sides remaining narrow, observers say the top shareholder position could shift again depending on whether either party makes further share purchases.


kwater@heraldcorp.com