Hong Seok-hyun, chairman of JoongAng Holdings, has sold his entire stake in BGF for 4.2 billion won.
According to the Financial Supervisory Service's electronic disclosure system Monday, Hong sold 1,021,212 BGF shares on the open market in five transactions between the 9th and the 15th of this month. Hong's stake in BGF fell from 1.07 percent to 0 percent. The selling price ranged from 3,995 to 4,227 won per share.
In the disclosure, Hong cited "simple disposal" as the reason for the change in his holdings. BGF said in a filing that Hong had been removed from its list of related parties.
Meanwhile, JTBC, a general programming cable channel under JoongAng Group, declared a default on the 12th after failing to repay a total of 20.6 billion won in securitized borrowings. The liquidity crisis subsequently spread, leading five entities — JoongAng Holdings, JTBC, Contentree JoongAng, Megabox JoongAng, and JoongAng P&I — to enter corporate rehabilitation proceedings.
