Chey Tae-won, chairman of South Korea’s third-largest conglomerate SK Group, sold 4.9 percent of his stake in SK C&C, an information technology service provider, to a Taiwanese firm, the group said Monday.

Hon Hai Group said in a regulatory filing that its affiliate Best Leap Enterprises Ltd. has acquired 2.45 million shares in the South Korean company at 381 billion won ($375 million).

SK Group confirmed the sale but declined to provide detailed background information. Chey and five others with affiliations with the chairman now hold a combined 43.63 percent stake in the firm, down from 48.53 percent, group officials said.

Hon Hai, the holding firm of Foxconn Technology Group, which produces U.S. Apple Inc.’s products, said the purchase is a long-term investment. The Taiwanese firm said it has forged deeper ties with SK C&C through the deal and hopes to establish a win-win partnership with the South Korean firm to tap new business opportunities. (Yonhap)