Chairman Chung Yong-jin purchases all shares of Executive Chairman Lee Myung-hee… Total stake 28.56%

Purchase of 10% of Executive Chairman Lee Myung-hee's entire stake

Chairman Chung Yong Jin will buy out all of the shares of Executive Chairman Lee Myung Hee./Photo courtesy of Shinsegae Group

[Korea Financial Times, Park seulgi] On the 10th, E-Mart disclosed a transaction plan report in which Shinsegae Group Chairman Chung Yong-jin will purchase a 10% stake in E-Mart held by Executive Chairman Lee Myung-hee.

Chairman Chung will purchase 2,787,582 common shares owned by General Manager Lee at an acquisition price of 76,800 KRW per share. The total transaction amount is 214,086,290,000 KRW.

Chairman Chung's existing stake is 18.56%, and with the purchase of Chairman Lee Myung-hee's stake, he will hold a total of 28.56%.

The company explained that this stock transaction plan is a measure to further strengthen Chairman Chung's performance-based responsible management as the largest shareholder of E-Mart.

“Amidst an uncertain internal and external environment, Chairman Chung's decision to invest his personal assets to purchase shares in E-Mart, even at great risk, demonstrates his sense of responsibility and confidence in enhancing E-Mart's corporate value,” the company said.

Park seulgi (seulgi@fntimes.com)