The management rights dispute at DAOL Investment & Securities has come to an end. It is reported that Kim Ki-soo, the representative of Presto Investment Advisory, the second-largest shareholder threatening DAOL Investment & Securities Chairman Lee Byeong-cheol, has significantly sold off his equity.
According to the Korea Exchange on the 18th, individual investors sold a net 5,910,068 shares of DAOL Investment & Securities the previous day. In terms of equity, it accounts for 9.7%. The only individuals capable of selling this volume are practically those from Kim's side.
After the 'contract for difference (CFD) crisis' in April 2023, Kim's side purchased shares to rise to the position of the second-largest shareholder as the stock price of DAOL Investment & Securities plummeted. In September of that year, they changed their purpose for holding equity from 'general investment' to 'influence on management rights' and have sought to check Chairman Lee since then, including proposing at the annual shareholders' meeting last year.
Although Kim's side has held DAOL Investment & Securities equity for more than two years, it is estimated that they have not seen any significant profits. Kim's side concentrated on buying DAOL Investment & Securities equity between 3,100 won and 3,700 won from April to May 2023. The closing price of DAOL Investment & Securities the previous day was 3,655 won.
This sale is estimated to have reduced Kim's equity from the previous 14.34% to around 4%. The largest shareholder, Chairman Lee, holds 25.18% of the equity. If the purchasing entity acquires more than 5% equity, it must report the situation of large holdings within five trading days, so the buyer will be clearly revealed next week.