Kosdaq Firms Take Frequent Change in Top Investor in Stride

Changes in the major shareholders of firms listed on the Kosdaq market have increased sharply this year.

The Kosdaq Stock Market Inc. said Wednesday that the largest shareholders of 50 of its listed firms had been replaced through the first five months of this year.

The market organization said from April to December last year 38 firms experienced changes in their top-shareholders. Kosdaq made reports of such occurrences mandatory in 2000.

The average number of changes among top-shareholders by month this year is more than double the figures for last year.

The stationery products firm Barunson has seen its largest shareholder replaced six times since January through a series of stake sales to foreign investment funds, Kosdaq reported. Barunson's current largest shareholder has just a 2.6 percent interest.

The top shareholders at both the telecommunications equipment maker Mobile One and Korea Next Education Services have changed three times. Mobile One's largest shareholder has just a 6.2 percent interest.

Three other listed firms, Kyoung Woo Mirpia, IHIC and Interitz, have had two changes each.

About two-thirds of the top-shareholder changes were a result of trades made either through or outside the market. New stock issues accounted for another 15 percent.

by Chung Jae-hong