Chey Chang-won, vice chairman of SK Chemicals, has sold his entire stake in SK Engineering and Construction, the builder said Wednesday.

SK E&C said in a regulatory filing that Chey sold off 156.9 million shares of the company, or 4.45 percent of all shares. The sale is worth 52 billion won ($45 million) given the share price of 33,000 won.


SK Holdings is the largest shareholder of SK E&C with a 44.48 percent stake, followed by SK Chemicals with a 28.25 percent stake.

Chey sold his shares in SK E&C to pay off loans that he used to expand his management control in SK Chemical, Yonhap reported citing an unidentified official at the chemical affiliate.

Chey is the largest stakeholder of SK Chemicals with a 15.28 percent stake. The firm makes polyester and acetate yarns for textile and industrial uses.

By Kim Yoon-mi (yoonmi@heraldcorp.com)