Hyundai Motor Group has secured its position as the largest shareholder of KT Corporation, one of South Korea’s big three mobile carriers. The Ministry of Science and ICT announced on Sept. 19 that its review of the change in KT’s top shareholder found no harm to the public interest.
Hyundai Motor became the largest shareholder in March when the National Pension Service (NPS), the previous largest shareholder, sold about 1% of its stake for profit-taking. Current regulations require a public interest review whenever there is a change in the largest shareholder of telecommunications operators.
The review committee concluded that “KT’s business operations remained unchanged, and Hyundai Motor Group became the largest shareholder involuntarily, without acquiring additional shares, has no intention of participating in management for mere investment purposes, and cannot exert control with its current stake.” Hyundai Motor Group, including Hyundai Motor Company and Hyundai Mobis, currently holds 8.07% of KT’s shares, followed by the NPS (7.57%) and Shinhan Bank (5.77%).
In 2022, Hyundai Motor Group exchanged shares worth 750 billion won with KT to enhance strategic cooperation in the future mobility market. At that time, Hyundai acquired a 7.7% stake in KT, which was slightly increased due to KT’s share buyback.
