KB News Desk
BlackRock, the world’s largest asset manager, has increased its stakes in Korea Aerospace Industries and battery materials maker EcoPro to more than 5 percent, becoming a major shareholder in both companies.
The US asset manager now holds a 5.02 percent stake in KAI and a 5.01 percent stake in EcoPro, according to regulatory filings Tuesday.
BlackRock had gradually accumulated shares in both companies over time. Its previous holdings stood at 4.95 percent in each company, and the latest purchases pushed its ownership above the 5 percent threshold, triggering a disclosure requirement.
With the latest purchases, BlackRock has become a major shareholder in both companies.
At KAI, other major shareholders include the state lender Export-Import Bank of Korea, Hanwha Group’s defense affiliates and the National Pension Service. At EcoPro, founder Lee Dong-chae and Samsung Asset Management are among the company’s major shareholders.
BlackRock said that the purpose of the shareholdings was “for investment only” in the disclosure, meaning it has no intention of seeking management control and will exercise only the basic rights afforded to shareholders, such as voting rights.
According to corporate tracker CEO Score, BlackRock holds more than a 5 percent stake in 19 Korea-listed companies, after adding 12 to its roster over the year through the end of last month.
Its largest holdings include banking giants KB Financial Group, in which it owns a 7.41 percent stake, Hana Financial Group with a 7.22 percent stake, Woori Financial Group with 7.18 percent and 6.12 percent of Shinhan Financial Group.
The asset manager also owns stakes in a range of major Korean companies, including a 7.16 percent stake in LG Display, 6.23 percent of Posco Holdings, 6.15 percent of KT&G, 6.11 percent of Naver, 5.14 percent of Samsung Electronics, 5.11 percent of SK hynix, and 5.01 percent each of LG Chem and Samsung Electro-Mechanics.
