KT’s largest shareholder changes, passes public interest review under the Telecommunications Business Act
The Ministry of Science and ICT (Minister Yoo Sang-im, hereinafter referred to as the “MSIT”) announced that as a result of the public interest review conducted in accordance with Article 10 of the Telecommunications Business Act, the Public Interest Review Committee decided that the change in KT’s (CEO Kim Young-seop) largest shareholder does not affect the public interest.
In March 2024, the National Pension Service, the previous largest shareholder, sold some of its shares, changing KT’s largest shareholder from the National Pension Service to Hyundai Motor Group, and on April 19, 2024, KT applied to the Ministry of Science and ICT for a public interest review of the change in largest shareholder.
The Public Interest Review Committee comprehensively considered the following factors: 1) there was no change in KT’s business content after the change in the largest shareholder; 2) Hyundai Motor Group became the largest shareholder involuntarily without acquiring additional shares and has no intention of participating in management as its stock holding is for simple investment purposes; and 3) it is difficult for Hyundai Motor Group to exercise actual management rights with its current stake alone. Accordingly, it concluded that this change in the largest shareholder would not have a negative impact on the public interest.
Editor. Hong Se-yeong
