SK Group Chief to Offload USD 701 Million SK Inc. Stake for Divorce Settlement
- On Friday, Group Chairman Chey Tae-won announced plans to sell a 2.26 percent stake in SK Corp for about 944 billion won to fund a divorce settlement, though he remains the firm's top shareholder.
- This sale follows a court order from two months ago requiring Chey to pay 944 billion won to his former spouse, Roh Soh-yeong, an award analysts previously warned could force asset liquidation.
- Chey appealed the ruling to the Supreme Court in August, accepting 700 billion won of the award while challenging 244 billion won, with the share sale beginning November 2.
- The divestment will reduce Chey's individual ownership stake in the holding entity to 15.5 percent from 17.8 percent, while combined controlling stake retained by Chey and his related parties falls to 22.9 percent from 25.2 percent.
- Despite the stake reduction, the company stated Chey will continue focusing on responsible management, as the strategic investor decided to participate based on SK Corp's business competitiveness and long-term growth prospects.
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15 Articles
Chey Tae-won Sells $700 Million in SK Shares During High-Profile Divorce
Chey Tae-won, the billionaire behind memory chipmaker SK Hynix Inc., is selling 944 billion won ($700 million) worth of shares in the conglomerate SK Inc., amid what is set to be among South Korea’s most expensive divorces.
The President of the SK Group, Choi Tae Won, plans to sell part of the shares in the holding company of this South Korean conglomerate SK Inc. to settle a divorce agreement with Ro So Young's ex-wife.
SK Group's Chey to sell $895m stake in SK Corp after divorce ruling
SEOUL — SK Group Chairman Chey Tae-won will sell a 2.26 per cent stake in SK Corp for about 944 billion won (S$895 million) to fund a divorce settlement, though he will remain the top shareholder of the holding firm of the South Korean conglomerate, the company said on Friday.The sale, which is due to begin on Nov 2, comes...
SK Group's Chey to sell $700 million stake in SK Corp after divorce ruling
SK Group Chairman Chey Tae-won will sell a 2.26% stake in SK Corp for about 944 billion won ($699.5 million) to fund a divorce settlement, though he will remain the top shareholder of the holding firm of the South Korean conglomerate, the company said on Friday.
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