KT&G corporate identity / Courtesy of KT&G
Global capital is flooding into KT&G as a potent mix of robust overseas earnings and aggressive shareholder-return policies turns the Korean tobacco giant into a prime target for foreign investors. Leading the charge is BlackRock, the world’s largest asset manager, which recently deepened its bet on the company amid a broader surge in international demand.
KT&G said Tuesday that BlackRock Fund Advisors had raised its stake in the company to 6.15 percent from 5.01 percent for investment purposes.
According to a regulatory filing, BlackRock held a 5.01 percent stake in KT&G at the end of January and acquired an additional 467,350 shares over roughly four months, lifting its ownership by 1.14 percentage points.
The disclosure came a day after Capital Group, another major U.S. asset manager, increased its holding in KT&G to 7.21 percent.
