The spouse and children of Hyundai Department Store (069960) Group Chairman Jeong Ji-sun (069960) disposed of part of their shares in Hyundai Green Food (453340). This is the first case where the family sold part of the shares after Chairman Chung handed over all of his shares to his family last year. The market sees this as a move at the level of asset consolidation rather than a change in the governance structure.
On the 28th, according to the financial investment industry, Hyundai Green Food announced the day before that Chairman Chung's wife Hwang Seo-rim, son Jeong Chang-deok, and daughter Jeong Da-na sold 20,000 shares each, for a total of 60,000 shares in the market. Their holdings were each reduced to about 970,000 shares, but there was no change in their status as largest shareholders.
In this sale, some of the shares held by the family appeared on the market after a large-scale equity gift that was carried out in July of last year. At the time, Chairman Chung handed over his 4,29,3097 shares of Hyundai Green Food shares (12.7% share ratio) to his spouse Hwang Seo-rim, their children, and the children of his brother, Vice Chairman Jeong-seon. The total amount was 52.4 billion won. At that time, Mr. Hwang received 99,752 shares (2.9%), Jeong Chang-deok and Jeong Da-na each received 99,753 shares and 99,9752 shares, respectively, and 440,280 weeks each were transferred to Chairman Chung's three nephews. After the gift, Hyundai Green Food's shares were distributed evenly among the members of the owner's family rather than Chairman Chung personally.
However, despite this share transfer, there was no significant change in the governance structure of Hyundai Department Store Group. Hyundai Green Food is a food and food distribution affiliate, and has taken a step back from the center of the group after switching to a holding company. Currently, the holding company Hyundai GF Holdings holds a 38.11% stake in Hyundai Green Food, and Chairman Chung's family maintains group dominance through a 39.3% stake in the holding company. As a result, changes in Hyundai Green Food's shares are not directly related to the group's decision-making structure.
Meanwhile, the industry is accepting this sale of shares as a fine adjustment of the asset management process rather than a signal of succession or expansion of participation in management. A business official said, “With the establishment of a holding company system, the transfer of shares in non-core affiliates is close to a normal asset portfolio adjustment.”
In fact, Hyundai Department Store Group's strategic interest is already moving away from the existing department store-centered distribution network to building a futuristic complex shopping platform. Chairman Chung is speeding up the opening of large complex malls, mainly in regional hub cities such as Busan, Gwangju, and Cheongju through the 'Hyundai 2.0' strategy. It is predicted that future succession discussions will also be in full swing amidst changes in the business portfolio rather than a simple equity transfer.
? The reason why Hyundai Hundred and One Family sorted out some of the stocks they received as gifts after about a year [this kind of director, that kind of stock]
