Choi Tae-won sells SK shares worth 944 billion won in preparation for property division

Chairman Chey Taewon of the SK Group will sell part of his stake in SK Inc. in preparation for a property division lawsuit. The sale is estimated at about 944 billion won, a figure on par with the property division amount reportedly to be paid to Noh Soyoung, director of the Art Center Nabi. SK Inc. announced in a disclosure on the 2nd that Chairman Chey will dispose of 1,653,924 shares he holds, or 2.3% of the total. The company explained that this transaction is intended to meet Chairman Chey’s personal funding needs. The sale is interpreted as an effort to secure liquidity in advance ahead of the Supreme Court ruling. Although Chairman Chey’s side has filed an appeal, it believes there is little chance that the property division amount will change significantly. The stake will be sold separately through afterhours block trading and a stock return swap (PRS) arrangement. Although Chairman Chey’s ownership stake will decrease, the voting stake including related parties is expected to remain around 30%, so there will likely be no major change in management control.