April 27, 2024

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[THE INVESTOR] Suh Min-jung, the oldest daughter of AmorePacific Chairman Suh Kyung-bae, has become the second-largest individual shareholder of the group as her preferred shares have been converted to common stock.

The junior Suh inherited 2,412,710 preferred stocks of AmorePacific Group from her father in 2006 when she was a teenager. 

AmorePacific Chairman Suh Kyung-bae

With an automatic conversion clause converting preferred stock to common stock after 10 years of holding period, she now owns 2.71 percent of the outstanding stock that carries voting rights, worth over 306.4 billion won (US$255 million).

This also gives the 25-year-old heiress apparent the status of second-biggest individual shareholder following her father who holds a 51.29 percent ownership in the cosmetics group that has 10 subsidiaries.

Observers see the event will expedite the chairman’s succession plan as his daughter will have the right to speak up in the general shareholders meeting in March next year.

According to sources, Min-jung is the most likely heiress, given that she holds the biggest equity stake in AmorePacific companies within the founding family, barring her father. The chairman has two daughters.

In 2012, the chairman also handed over stake in the group’s crown jewel brands to his eldest daughter. She has an 18.18 percent stake in Innisfree as well as Etude’s 19.53 percent stake.

The junior Suh, who last year finished her studies at Cornell University in the US and briefly worked at consulting firm Bain & Co. in Seoul, is widely expected to join the group soon.

By Park Han-na (hnpark@heraldcorp.com)