SNT Holdings Becomes Largest Shareholder of SMEC with 14.74% Stake; SMEC Shares Jump 10%

MT Newswires Live

Jul 15

Automobile parts maker SNT Holdings (KRX:036530) and its chairman Choi Pyung-gyu became the largest shareholders of machine tools manufacturer SMEC (KOSDAQ:099440), acquiring a 14.74% stake, or 10,057,711 shares.

This marks a shift from the previous largest shareholder, SMEC CEO Choi Young-seop, who held a 9.75% stake in SMEC. The change in control resulted from an internal block deal, with SNT Holdings funding the entire 14.08 billion won transaction through self-financing, according to an SMEC filing with the Korea Exchange on Tuesday.

No borrowed funds were used, and there are no plans for appointing or dismissing directors after the acquisition.

Shares of SMEC jumped nearly 10% in recent trade while those of SNT Holdings fell over 1%.

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