KB News Desk
KT&G said Friday that Capital Research and Management Company has raised its stake in the cigarette maker to 8.22 percent, extending a run of purchases that signal growing foreign confidence in its overseas growth.
The US asset manager now holds about 8.53 million KT&G shares, up from 7.21 percent in June and 5.61 percent in May, according to regulatory filings. The latest disclosure shows Capital Group has added roughly 1 million shares since its previous filing.
“The steady stake increases from long-term global asset managers such as Capital Group point to rising recognition of our growth potential and fundamental competitiveness,” a KT&G official said.
“We will focus on enhancing shareholder value by building a virtuous cycle of profit growth centered on our global business and shareholder returns.”
Capital Group, a $3.3 trillion global asset manager known for its long-term approach, has steadily built its KT&G stake as the company posts record overseas cigarette sales and prepares to unveil a new shareholder return policy later this year.
KT&G reported first-quarter revenue of 1.7 trillion won ($1.1 billion) and operating profit of 364.5 billion won, up 14.3 percent and 27.6 percent, respectively, from a year earlier. Overseas cigarette sales reached a quarterly record of 559.6 billion won.
