BlackRock boosts stake in KT&G as global interest rises in Korean tobacco giant

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. With the rising interest of global investment firms, foreign ownership of KT&G reached 51.24 percent as of Tuesday, the company said. The purchases reflect growing confidence in KT&G's earnings trajectory, particularly in overseas markets, as well as expectWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times