SK stocks surge after appeals court rules on Chey divorce case

[Photo by MK DB]

SK Inc. stock prices are on an upward trend for a second day in a row following the verdict in the divorce lawsuit between Chey Tae-won, chairman of SK Group, and Art Center Nabi director Roh So-young.

SK stocks are trading at 159,100 won ($115.40) as of 9:26 a.m. on Friday, up 800 won (0.44 percent) from the previous day but down from the 169,500 won it hit at the beginning of the session.

Major group subsidiaries in which SK has the largest share are also on the rise, including SK telecom Co. (0.44 percent), SK innovation (2.05 percent), and SKC Ltd. (1.3 percent). However, SK networks Co. and SK square Co. are down by 3.16 percent and 2.39 percent respectively.

(From left) Chey Tae-won and Roh So-young.

SK hynix Inc., whose largest stake is held by SK square, is trading at 191,000 won, down 2.86 percent.

SK closed at 158,100 won on Thursday, up 9.26 percent, and the stock saw a sharp increase around 2:50 p.m. after the Seoul High Court announced its verdict. The Seoul High Court‘s Family Court ruled on Thursday that Chey should pay 1.38 trillion won in asset division to Roh, along with 2 billion won in alimony.

The high court recognized Chey’s SK shares as subject to the asset division, which was not included as an asset subject to division in the trial court. The uptrend in SK stocks is believed to be investors reacting to the possibility of ownership disputes over SK‘s management rights if the shares become subject to asset division.