SK Group Chairman Sells SK Inc. Shares Worth $703 Million
Chey Tae-won, chairman of South Korean conglomerate SK Group, plans to sell SK Inc. shares valued at $703 million to raise personal funds amid a divorce dispute.
Chey Tae-won, chairman of SK Group, intends to divest SK Inc. shares worth 944 billion won (approximately $703 million). The South Korean holding company announced on October 2 that the sale is intended to secure personal funds for an ongoing divorce-related legal battle.
The transaction involves 1,653,924 shares of SK Inc., representing a 2.3% stake in the company. Sales are scheduled to commence on November 2. A portion of the sale, amounting to 544 billion won ($405 million), will be directed towards strategic investors. The remaining 400 billion won ($298 million) will be managed through a derivative arrangement with securities firms, according to SK Inc.
The company stated that the sale value aligns with the 944 billion won ($703 million) property division ordered by an appellate court for Roh Soh-yeong, director of Art Center Nabi. Chey appealed this decision in August, limiting his appeal to 244 billion won ($181 million).
Despite the sale, Chey Tae-won will retain his position as the largest shareholder of SK Inc. His voting rights, along with those of related parties, are set to remain above 30%.