Hoban's Hanjin KAL stake gains $683 mil. amid control battle speculation

Hoban Group's stake in Hanjin KAL has gained an estimated 918.6 billion won ($683 million) in market value since the beginning of this week, as the construction group's emergence as the holding company's largest shareholder has fueled speculation over a potential battle for control. The valuation gain follows Wednesday's disclosure that Hoban and related parties held 13,814,053 common shares, or 20.69 percent of Hanjin KAL, narrowly overtaking Hanjin Group Chairman Cho Won-tae and his cohort, whose combined stake stood at 20.58 percent. Hanjin KAL shares closed at 123,900 won last Friday before climbing to 190,400 won Thursday, a gain of 66,500 won, or approximately 53.7 percent. Applying the increase to Hoban's disclosed shareholding translates into an estimated valuation gain of 918.6 billion won. At Thursday's closing price, its stake was worth approximately 2.63 trillion won, up from 1.71 trillion won at Friday's close. Investor interest intensified after reports emerged Monday that Hoban had filed a business combination notification with the Fair Trade Commission. Cho has separatel