SK chairman to unload $700.8 mil. stake in holding firm to pay ex-wife
SK Group Chairman Chey Tae-won will unload his stake in the group’s holding firm SK Inc. worth 944 billion won ($700.8 million) to finance a property division payment to his former wife, Roh Soh-yeong, the group said Friday. In a regulatory filing, SK Inc. said Chey, its largest shareholder, will sell 1,653,924 shares in the holding company, equivalent to a 2.3 percent stake. The transactions are scheduled for Nov. 2. SK Group said the stake sale is intended to “meet the largest shareholder’s personal funding needs related to the property division lawsuit.” “The transaction structure was carefully reviewed to minimize the impact on the market and shareholders, while allowing Chey to maintain stable management of the company and continue fulfilling his responsibilities as its largest shareholder.” The filing said all of the transactions will be conducted through after-hours block trades. Of the total, 544 billion won worth of shares will be sold to a designated strategic investor, while another 400 billion won worth will be sold in a transaction involving a price return swap w
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