Chairman Cho Hyun-jun sold 4.90% of his equity in Hyosung Heavy Industries.

According to the Financial Supervisory Service's electronic disclosure system on the 23rd, Chairman Cho sold 456,903 shares (4.90%) of Hyosung Heavy Industries for 568,100 won per share in an after-hours trading method the previous day. The total sale amount is approximately 259.6 billion won.

Chairman Cho Hyun-joon of Hyosung Group speaks at the first meeting of the Korea-Japan Exchange Special Committee held at the Grand InterContinental Seoul Parnas in Feb. 2024. /Courtesy of News1

After the sale, Chairman Cho's equity in Hyosung Heavy Industries will decrease from 14.89% to 9.99% (931,320 shares).

Chairman Cho's side noted that some of his equity in Hyosung Heavy Industries was sold to secure inheritance tax funds. It is known that a major U.S. investment firm evaluated the future value and growth potential of the power equipment sector held by Hyosung Heavy Industries and purchased Chairman Cho's equity.

A representative from Hyosung stated, "We have been discussing the sale of equity to establish a cooperative relationship with the U.S. investment firm."