The sale of the equity held by the largest shareholder of IGIS Asset Management has begun in earnest. If major shareholders exercise their tag-along rights, the target equity for sale is expected to reach a total of 25%. The second-largest shareholder will not participate in the equity sale.
According to the investment banking (IB) industry on the 27th, Son Hwa-ja (12.4%), the largest shareholder of IGIS Asset Management, recently appointed Morgan Stanley as the sale advisory firm.
Major shareholders with tag-along rights include Hyundai Motor Securities (6.59%), KOREIT (5.31%), and Woori Bank (0.8%). They have the authority to request that their holdings be sold alongside Son’s equity when she sells. Among them, at least Hyundai Motor Securities is known to have an intention to sell its equity. If Hyundai Motor Securities, KOREIT, and Woori Bank all exercise their tag-along rights, the total target equity for sale will amount to 25.1%.
Other major shareholders, UMI Global (9.08%) and Kumho Industrial (8.59%), do not have tag-along rights. They are reported to have no intention of selling their equity.
GF Investment, the second-largest shareholder with 9.9% equity, will remain with the company without making a sale. GF Investment is the family company of Former Director General Cho Gab-joo. Additionally, Daishin Securities holds 9.13%, Taeyoung E&C holds 5.17%, and KB Securities holds 4%.
On this day, Former Director General Cho sent an email to employees stating, "Mrs. Son has expressed her intention to sell her company equity for personal reasons, including health issues," adding, "I will not be participating in this sale and will do my best until IGIS needs me."