Korea Investment Securities to buy 400 billion won worth of SK shares

What happened: Korea Investment & Securities will acquire 681,431 shares of SK Corp. for 400 billion won through a price return swap agreement, with the shares scheduled to be acquired via a block trade on Nov. Why it matters: The purchase is part of SK Group Chairman Chey Tae-won's share sale to meet personal funding needs tied to the property division lawsuit in his divorce proceedings. Korea Investment & Securities said the acquisition was solely for investment purposes.

Korea Investment & Securities will acquire 681,431 shares of SK Corp. for 400 billion won through a price return swap agreement, with the shares scheduled to be acquired via a block trade on Nov.

The purchase is part of SK Group Chairman Chey Tae-won's share sale to meet personal funding needs tied to the property division lawsuit in his divorce proceedings. Korea Investment & Securities said the acquisition was solely for investment purposes.