Chair Hong Seok-hyun of JoongAng Holdings sold all of his BGF equity. BGF is a holding company that controls BGF Retail, which operates the convenience store CU, and holds 30% equity. Chair Hong is the brother of Chair Hong Seok-jo of BGF Retail.
On the 17th, BGF disclosed in the Financial Supervisory Service's electronic disclosure system that the number of BGF shares held by Chair Hong fell to 0 from 1,021,212 previously. As a result, Chair Hong's equity ownership ratio declined to 0% from 1.07%.
In detail, on the 9th, Chair Hong disposed of 199,344 shares at 4,129 won per share. He then sold 250,823 shares at 4,038 won on the 10th, 195,000 shares at 3,995 won on the 11th, and 189,000 shares at 4,113 won on the 12th in on-exchange transactions, respectively. On the 15th, he disposed of the remaining 187,045 shares at 4,227 won per share. The amount secured through the equity disposal is estimated at about 4.2 billion won.
Chair Hong cited "simple disposal" as the reason for selling the equity. With all of Chair Hong's BGF equity gone, the equity ownership ratio of Chair Hong Seok-jo of BGF Retail and persons with special relationships fell to 68.65% from 69.72%.
Meanwhile, JoongAng Group recently filed for court receivership for five affiliates, including the holding company JoongAng Holdings, JTBC, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I.