BlackRock purchased 68,646 shares of South Korea’s KT&G today, according to The Korea Herlad, making it one of KT&G’s largest shareholders, behind IBK Industrial Bank of Korea and the National Pension Service. According to regulatory filings, BlackRock, the world’s largest asset manager, now has total holdings in KT&G that top 5.91 million shares, or 5.01% of the tobacco and consumer goods company. Korean rules require investors crossing the 5% ownership threshold to disclose their positions to financial authorities and the Korea Exchange.
KT&G shares rose after the disclosure, reaching an intraday record of 153,900 won ($106.19) and closing at an all-time high of 152,900 won ($105.50). The company is scheduled to report earnings on February 5, with market forecasts projecting annual sales of 6.53 trillion won ($4.5 billion), up 10.6% year over year, and operating profit of 1.37 trillion won ($945 million), an expected increase of 13.3%.
