KT&G: "World's Largest Asset Manager BlackRock Increases stake from 5.01% to 6.15%"

KT&G has reported that foreign ownership in the company has risen to 51.24%, attributed to robust overseas performance and improved shareholder returns. This increase follows a recent announcement that BlackRock Fund Advisors, the world's largest asset manager, has acquired a 6.15% stake in KT&G for investment purposes.

BlackRock Fund Advisors disclosed its stake increase via the DART system, revealing a growth from 5.01% at the end of January to its current holding, following the acquisition of an additional 467,350 shares over the past four months. Earlier, Capital Research and Management Company, a prominent U.S. asset manager, reported increasing its stake in KT&G to 7.21% on June 9th.

The rise in foreign ownership is in part due to KT&G's strong performance in the first quarter, where the company reported revenue of KRW 1.7036 trillion and an operating profit of KRW 364.5 billion, marking year-on-year growth of 14.3% and 27.6%, respectively. CEO Bang Kyung-man and senior management have engaged in Overseas Non-Deal Roadshows (NDRs) to communicate actively with global investors, which has been positively received.

KT&G aims to announce a new shareholder return policy in the second half of the year, focusing on reinforcing dividends. The company continues to receive favorable assessments from both domestic and international capital markets, supported by strong earnings momentum from its global cigarette business.

A KT&G spokesperson remarked that the increased ownership by global asset managers reflects the capital market's confidence in the company’s mid- to long-term vision and growth potential. The company plans to enhance corporate value through structural profit growth in its core businesses and leading shareholder returns.