이 기사는 2022년 03월 31일 08:07 thebell 에 표출된 기사입니다.

Hoban Construction communicated with Hanjin Group chairman Cho Won-tae before buying a chunk of shares in Hanjin KAL, the conglomerate’s holding company, from private equity firm KCGI, according to a source familiar with the matter, suggesting that the new shareholder of Hanjin KAL is in favor of the company’s current management.

The construction firm said on Monday’s filing that it would purchase 9.4 million shares (13.97%) in Hanjin KAL from KCGI for 564 billion won ($465 million), or 60,000 won each. Separately, it secured a call option to buy an additional 1,614,917 Hanjin KAL shares from KCGI and a warrant to buy 800,000 fresh shares issued by the holding company. The filing said that the purpose for holding shares is “general investing”.

If Hoban exercised both the call option and warrant, this would make it the second largest shareholder of Hanjin KAL, after chairman Cho and specially related persons who collectively own 20.93%.

Other major shareholders include Bando Engineering & Construction with 17.03% and the chairman’s sister Hyun-ah with 2.59%, who had joined forces with KCGI and Bando to challenge her brother over control of the holding company.

There were reportedly no talks between Bando and Hoban before Hoban’s stake purchase. Instead, Hoban approached Cho about its acquisition of Hanjin KAL shares held by KCGI, a source said.

This could come as a surprise to some because the two construction firms are known to have a close relationship with each other. It is said Bando chairman Kwon Hong-sa introduced Cho to Hoban chairman Kim Sang-yeol at one gathering in 2019.

Bando later formed an alliance with KCGI and the chairman’s sister to turn against Cho, and Hoban opted to stay on the sidelines as it wanted to refrain from being involved in a management battle at Hanjin KAL.

Hoban, which has long been interested in the airline industry, started reconsidering a purchase of Hanjin KAL shares after the acquisition of Asiana Airlines by Korean Air Lines, a subsidiary of the holding company, was approved to create the country’s biggest flag airline.

The three-way alliance led by KCGI was also dismissed last year after the state-controlled Korea Development Bank (KDB) acquired about a 10% stake in Hanjin KAL through a capital injection to help Korean Air take over Asiana Airlines and used its voting power in favor of Cho.

“Hoban Construction has expressed interest in Asiana Airlines since the debt-ridden air carrier started a sale process,” said an industry insider. “Hoban is seen as a white knight for chairman Cho.” (Reporting by Min-kyu Sin)