Yanolja was found to have rapidly bought a large amount of shares in Modetour Network, a leading travel agency in Korea, lifting its equity stake to 14.44%. The gap with existing largest shareholder Chairperson Woo Jong-woong and affiliates has narrowed to 1.94%. Yanolja said the purchase was for simple investment, but the industry notes there is a possibility of a future dispute over control of Modetour Network.
According to the Financial Supervisory Service's electronic disclosure system on the 10th, Yanolja disclosed that it holds 2,729,903 shares of Modetour Network, raising its equity stake from 5.26% to 14.44%. As of Mar. 21 last year, Yanolja held 5.26% (993,234 shares) of Modetour Network, but it gradually increased its equity stake through repeated buying and selling.
The No. 1 shareholder of Modetour Network is still the camp of founder Chairperson Woo Jong-woong. As of the end of Dec., Woo and his special affiliates hold a total of 3,095,446 shares (16.38%). The gap with Yanolja is about 1.94 percentage points.
In the industry, some see the possibility of a control dispute arising from Yanolja's move to lift its equity stake to 14.44% in just one year. The analysis is that it is a strategic step to maximize corporate value through a practical combination with Modetour Network, a traditional powerhouse in the package travel sector.
However, in its filing, Yanolja specified the purpose of holding as "simple investment" and submitted a confirmation that it would exercise only shareholder rights guaranteed by law. A Yanolja official said, "We purchased Modetour Network shares for simple investment."