[REVISION HISTORY]

Hoban Group and Chairman Cho compete for Hanjin Kal control

2 recorded revisions of this situation.

What changed

2026-11-04 03:41 UTC → 2026-11-05 00:46 UTC · added ~~removed~~

Hoban Group has initiated a period of strategic restructuring and expansion. In October 2026, the group implemented a new management system by appointing several key executives, including Kim Dae-heon as Chairman of the Board of Hoban Construction and Song Jong-min as Senior Vice Chairman and CEO of Hoban Construction. Additionally, Kim Jun-seok was named CEO of Taihan Cable & Solution to focus on next-generation technologies and international market expansion. By November 2026, a management dispute emerged over Hanjin Kal, the holding company of Hanjin Group, after Hoban Group surpassed Chairman Cho Won-tae as the largest single shareholder through significant share purchases. On November 4, public disclosures revealed that four Hoban Group affiliates, including Hoban Construction, hold 13,814,053 common shares, representing 20.69% of the company. This stake exceeds the 20.58% held by Chairman Cho and his related parties by a margin of 0.11 percentage points. The Cho faction includes Cho Won-tae at 5.79%, Hanjin President Cho Hyun-min at 5.75%, and advisor Lee Myung-hee at 1.83%. While Hoban Group maintains the purpose of the investment is “simple investment,” the group has filed a business combination report with the Fair Trade Commission. In ~~response to the shift in ownership,~~ response, Chairman Cho ~~announced plans~~ has signed a contract to ~~acquire~~ purchase approximately 325,000 additional shares ~~of Hanjin Kal~~ via a an after-hours block ~~deal,~~ deal valued at roughly 37 37.05 billion won, to strengthen his management position. Although Hoban Group has increased its stake significantly since 2022, analysts suggest a change in control may not be immediate. Chairman Cho maintains a defensive position through friendly stakes held by Delta Air Lines, Korea Development Bank, won. Scheduled between early December and early January, this transaction could increase the ~~National Pension Service, with Japan Airlines also considered a potential ally.~~ Cho faction's stake to approximately 21.07%, potentially reclaiming largest shareholder status. The outcome ~~of this struggle~~ may be influenced by the upcoming shareholder meeting in March and the future disposition of shares held by the Korea Development ~~Bank following the integration of Korean Air and Asiana Airlines.~~ Bank.

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