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Biz News Korea(Eng)
Shinsegae Group starts to separate management of Shinsegae Department Store and E-Mart
- Collected
- 2016.05.01
- Distributed
- 2016.05.02
- Source
- Go Direct
South Korea’s leading retail conglomerate Shinsegae Group would start to separate management of E-Mart Inc., a retail unit of the group, and Shinsegae Department Store through stock exchange between Chung Yong-jin, vice chairman of the group, and his younger sister Chung Yoo-kyung, president of the department. After separating organizations in the reshuffle late last year, the group arranged shares between the children of Lee Myung-hee, chairman of Shinsegae Group.
Market observers say that, with the share exchange, the succession of the group has been decided.
Shinsegae Group announced on Friday that shares of Shinsegae Department Store owned by Chung Yong-jin and those of E-Mart held by Chung Yoo-kyung have been exchanged through trading in the stock market.
Previously, the vice chairman had owned a 7.32 percent stake, or 720,203 stocks, in Shinsegae Department Store and a 7.32 percent stake, or 2,039,196 shares, in E-Mart. With the share exchange, however, he has no share of the department store and a 9.83 percent stake, or 274,399 shares, in E-Mart.
The president had held a 2.51 percent stake, or 247,650 stocks, in the department store and a 2.51 percent stake, or 701,203 shares, in E-Mart. After the share exchange, she has a 9.83 percent stake, or 967,853 stocks, in the department store, and her shares of the big-box retailer have passed to the vice chairman.
The group has decided to give shares of the big-box retailer to the vice chairman and those of the department store to the president.
Inside and outside the group, predominant view is that the recent share exchange separated management between the children of Chairman Lee. The vice chairman would run E-Mart, Shinsegae Food Inc., Shinsegae TV Shopping Inc. and Starbucks Korea while the president would operate department stores and duty-free shops.
“As far as I know, the share exchange has been decided by Chairman Lee,” said an unnamed official of the group, adding, “she seems to arrange shares in advance in order to prevent discord on management control between her two children,”
Market observers say that, with the share exchange, the succession of the group has been decided.
Shinsegae Group announced on Friday that shares of Shinsegae Department Store owned by Chung Yong-jin and those of E-Mart held by Chung Yoo-kyung have been exchanged through trading in the stock market.
Previously, the vice chairman had owned a 7.32 percent stake, or 720,203 stocks, in Shinsegae Department Store and a 7.32 percent stake, or 2,039,196 shares, in E-Mart. With the share exchange, however, he has no share of the department store and a 9.83 percent stake, or 274,399 shares, in E-Mart.
The president had held a 2.51 percent stake, or 247,650 stocks, in the department store and a 2.51 percent stake, or 701,203 shares, in E-Mart. After the share exchange, she has a 9.83 percent stake, or 967,853 stocks, in the department store, and her shares of the big-box retailer have passed to the vice chairman.
The group has decided to give shares of the big-box retailer to the vice chairman and those of the department store to the president.
Inside and outside the group, predominant view is that the recent share exchange separated management between the children of Chairman Lee. The vice chairman would run E-Mart, Shinsegae Food Inc., Shinsegae TV Shopping Inc. and Starbucks Korea while the president would operate department stores and duty-free shops.
“As far as I know, the share exchange has been decided by Chairman Lee,” said an unnamed official of the group, adding, “she seems to arrange shares in advance in order to prevent discord on management control between her two children,”
By Sohn Il-seon, Choi Seung-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]