Chey Tae-won, chairman of SK Group, has completed the sale of approximately 944 billion won worth of shares in SK Holdings to prepare for a property division lawsuit. This move is interpreted as a measure to secure funds for the division of assets in his ongoing divorce proceedings with Na So-young, director of the Art Center Nabi.
According to a disclosure by SK Holdings on November 5, Chey sold 1,653,924 shares through after-hours trading on November 2. His stake in SK Holdings has decreased from 17.76% to 15.49%.
On that day, Chey sold 972,493 shares in one transaction and 681,431 shares in another. As a result, his total holdings have dropped from 12,975,472 shares to 11,321,548 shares.
This sale follows Chey's announcement on October 2 regarding his plan to dispose of shares. The total transaction was expected to amount to 944 billion won, consisting of a 544 billion won stock sale contract and a 400 billion won stock price return swap (PRS) transaction.
Analysts suggest that the purpose of the sale is to meet personal financial needs arising from the property division lawsuit. Earlier, the Seoul High Court ruled in July that Chey must pay Na 944 billion won as part of the asset division.
However, Chey has contested this ruling and filed a retrial in August. He does not dispute 700 billion won of the property division amount but seeks the Supreme Court's judgment on the remaining 244 billion won.
SK Group has previously stated that this transaction will not impact its management stability.
* This article has been translated by AI.
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