Chair Chung Ki-sun HD Hyundai(267250) received a gift of a 3.55% equity stake in HD Hyundai from his father, Chung Mong-joon, chair of the Asan Foundation.
HD Hyundai disclosed on the 3rd that Chair Chung was gifted 2.8 million common shares (3.55%) held by Chung, the foundation chair. As a result, Chung's equity ratio fell to 23.05% from 26.60%. However, the status as the largest shareholder remains. With this gift, Chair Chung's HD Hyundai equity ratio rose to 9.67% from 6.12%, overtaking the National Pension Service (NPS) to become the second-largest shareholder. The National Pension Service (NPS) holds a 7.12% equity stake in HD Hyundai.
This gift is seen as laying the groundwork for future group succession, as the HD Hyundai equity was directly transferred to Chair Chung.
Chair Chung was promoted from senior vice chair to chair in Oct. last year and is leading the group's management.