이 기사는 2021년 03월 18일 09:01 thebell 에 표출된 기사입니다.

Kumho Petrochemical may offload its stakes in Asiana Airlines and Daewoo Engineering & Construction (Daewoo E&C) as the conflict deepens between the company and Park Chul-wan, senior executive and the company’s largest individual shareholder.

Park Chul-wan, who is a nephew of chairman and chief executive Park Chan-koo, filed earlier this year shareholder proposals including a significant increase in dividend and dramatic changes to the board of directors. He also argued that assets unrelated to the company’s mainstay business, such as its shareholdings in Asiana Airlines and Daewoo E&C, should be offloaded to enhance shareholder value.

Global proxy adviser International Supervisory Service (ISS) opposed all of his proposals in a report last week. But it supported the idea of selling the company’s stakes in the two companies, calling it “sensible.”

Observers expect Kumho Petrochemical to sell those stakes soon as the company tries to reorganize its board and find future growth drivers for another leap forward.

“Kumho Petrochemical is likely to sell its shareholdings in both companies because there is no more reason for the company to keep holding those shares,” said an industry insider. “It has continued to hold them probably because of their low prices and the company’s strong financial position.”

Kumho Petrochemical is one of the founding shareholders of Asiana Airlines. It holds the second largest stake of 11.02%.

The company initially acquired shares in the carrier for 105.5 billion won ($93.3 million) in 1989. As of the end of September 2020, their book value stood at 96.4 billion won, down 8.7% on a nominal basis, which does not account for inflation and opportunity costs.

Kumho Petrochemical has been an active shareholder of Asiana Airlines for over 30 years. But its control of the airline will be reduced to 3.98% after Korean Air’s takeover deal for the airline is completed.

Daewoo E&C shares were purchased in December 2006, when Kumho Petrochemical participated in efforts by the Kumho Asiana Group to acquire the builder, alongside the conglomerate’s other affiliates Kumho Tire and Asiana Airlines.

Kumho Petrochemical currently holds about 13.95 million shares, or 3.36%, in Daewoo E&C. It reportedly decided years ago to offload the stake.

Daewoo E&C shares recently traded at around 6000 won, 20% higher than the price in August 2018 when the company attempted to sell off the stake. The sale at this price would bring in about 85 billion won. (Reporting by Euna Jo)