STOCKS | Chey Tae-won Sells SK Holdings Shares to Raise KRW 944 Billion for Divorce Property Division

SK Group Chairman Chey Tae-won sold 1,653,924 shares in SK Holdings for about KRW 944 billion to fund the property division payment in his divorce case with Noh So-young, director of Nabi Art Center. According to Sina Finance, citing the Financial Supervisory Service's electronic disclosure system, Chey sold the shares in two after-hours block trades on the 29th of last month: 972,493 shares at KRW 559,387 each and 681,431 shares at KRW 587,000 each. Chey had previously disclosed plans to sell 972,493 shares, representing a 1.34% stake and valued at KRW 544 billion, to a strategic investor. He planned to transfer the remaining 681,431 shares, representing a 0.94% stake and valued at KRW 400 billion, to Korea Investment & Securities under a three-year price return swap (PRS) contract. At settlement, the parties will settle both ways based on the difference between the net disposal proceeds and the reference price. After the transaction, Chey's holdings fell from 18,596,600 shares, or 25.65%, to 16,821,079 shares, or 23.20%.