SEOUL (Reuters) -South Korea’s Hanwha Group Chairman Kim Seung Youn is giving a 11.32% stake in Hanwha Corp to his three sons, as part of the chaebol’s succession, Hanwha said in a statement on Monday.
This is half of Kim’s current 22.65% stake in Hanwha, the statement said. Kim will retain his position as chairman of the group, it added.
Hanwha Group is South Korea’s seventh-largest conglomerate by assets, according to the country’s Fair Trade Commission.
(Reporting by Joyce Lee and Hyunjoo Jin; Editing by Kim Coghill and Christopher Cushing)
