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Photo courtesy of Yonhap News |
[Alpha Biz= Ellie Kim] SEOUL, June 5 — KT&G is drawing increased interest from global investors as foreign ownership in the company has surpassed 51%, with First Eagle Global Fund emerging as a major shareholder.
According to a regulatory filing, First Eagle Global Fund held a 5.02% stake in KT&G as of May 15, joining other global institutional investors such as Capital Group, BlackRock and the Government of Singapore Investment Corporation.
The increase in ownership was partly driven by KT&G’s treasury share cancellations, which reduced the total number of outstanding shares and boosted existing shareholders’ stakes.
The company’s improving earnings — led by strong growth in its overseas tobacco business — and expanded shareholder return policies, including buybacks and higher dividends, have further enhanced its appeal to foreign investors.
KT&G reported solid first-quarter results, with revenue and operating profit rising 14.3% and 27.6% year-on-year, respectively.
Alphabiz Reporter Ellie Kim([email protected])
https://www.alphabiz.co.kr/news/view/1065611797844571
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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