이 기사는 2021년 12월 31일 07시42분 thebell에 표출된 기사입니다

Koo Hyung-mo, the son of LX Holdings chairman Koo Bon-joon, may use his 0.6% stake in LG Corp worth around 78 billion won ($66 million) to fund the family-controlled conglomerate’s succession plan.

LX Holdings, the holding company of South Korea’s LX Group which was spun off from LG Group in May, said in Monday’s regulatory filing that its chairman gifted 8.5 million and 6.5 million shares in the company to his son and daughter, Yeon-je, respectively, on December 24.

The gift reduced the chairman’s stake in LX Holdings from 40.04% to 20.37% while lifting his son's stake from 0.60% to 11.75%, making him the second largest shareholder of the holding company after his father.

The move was seen as part of the group’s succession planning, with the chairman’s son most likely to succeed his father to lead the industrial conglomerate in the future.

LG Group chairman Koo Kwang-mo, a nephew of the LX chairman, inherited an 8.8% stake in LG Corp from his father after his death in 2018, becoming the largest shareholder of the group’s holding company.

Likewise, Koo Hyung-mo, vice president of LX Holdings, is expected to inherit shares in the company from his father, who will turn 71 next year, someday, which would obligate him to pay an enormous amount of inheritance tax. Many expect the stakes in LG Corp held by the LX chairman’s family could be used to fund the tax bill.

The LX chairman’s family members together own 2.9% of LG Corp’s shares, of which 0.6% is owned by Koo Hyung-mo. The value of his stake was worth about 78.4 billion won as of Monday’s close.

The younger Koo also raised cash by selling his private company Jiheung, a display film manufacturer, to a private equity firm for 15.3 billion won in 2018.

The sale coincided with his father’s announcement of the spin-off plan in that year. Jiheung was under scrutiny from the country’s competition watchdog because most of its revenue was generated through transactions with LG’s affiliates.

“Koo Hyung-mo’s stake in LG Corp appears to be one of the key funding resources for the group’s succession plan,” an industry insider said. “I think he will continue to explore options for a successful succession planning as he focuses on growing the group in the next years.” (Reporting by Kwang-ho Lee)