OK Capital Joins the Targeting of Taekwang Industrial

[Financial News] OK Capital has joined the institutions targeting Taekwang Industrial. It jointly holds a 2.33% stake from Truston Asset Management through a block deal. OK Capital is known to have long been interested in Taekwang Industrial's shares.
According to the Financial Supervisory Service's electronic disclosure system on the 21st, Truston Asset Management sold 25,970 shares (2.33% stake) of Taekwang Industrial it held to OK Capital, an affiliate of OK Financial Group, at 1,155,000 won per share (closing price on July 18) through a block deal.
As a result, the stake in Taekwang Industrial is 2.97% for Truston Asset Management and 2.73% for OK Capital. It is also reported that there is confidence that this share structure is advantageous for the 3% rule. 
In the future, Truston Asset Management and OK Financial Group have agreed to jointly exercise voting rights and shareholder rights regarding Taekwang Industrial. The joint exercise of shareholder rights will be led by Truston.
Truston Asset Management, as the second-largest shareholder of Taekwang Industrial, has been working to improve Taekwang Industrial's governance structure, corporate value, and shareholder value for about five years since 2021.
Currently, an injunction procedure is underway to prevent the sudden announcement on the 27th of last month of Taekwang Industrial's issuance of exchange bonds (EB) worth 318.6 billion won secured by treasury shares.
Kim Woo-jin, an outside director of Taekwang Industrial and a professor at Seoul National University, opposed it along with another outside director at this board meeting. The reason is that exchange bonds secured by treasury shares are similar to convertible bonds and can harm general shareholders.
A Truston Asset Management representative said, "As a joint holder and representative reporter of Taekwang Industrial, we will do our best to enhance Taekwang Industrial's corporate value."
An industry insider said, "I understand that Taekwang Industrial's EB issuance has been reported to the presidential office," adding, "There is a lot of skepticism about enforcing it despite much opposition due to the revision of the Commercial Act."
 


ggg@fnnews.com Kang Gu-gwi Reporter