Shinsegae chairman to buy 10% stake in E-Mart for corporate value

Shinsegae Group Chairman Chung Yong-jin / Courtesy of Shinsegae Group

Chung Yong-jin, chairman of retail large Shinsegae Group, will purchase a whole 10 % stake within the group’s low cost retailer affiliate, E-Mart, held by his mom and basic chairwoman Lee Myung-hee to boost company worth, E-Mart stated Friday.

Chung plans to buy 2.78 million E-Mart shares for 214 billion gained ($146 million) in after-hours buying and selling from Jan. 10 by way of March 11, the corporate stated in a regulatory submitting.

„This deliberate inventory buy utilizing his private belongings is aimed toward strengthening the chairman’s accountable administration as the most important shareholder of E-Mart primarily based on E-Mart’s efficiency amid rising uncertainties at residence and overseas,“ it stated.

Chung at present owns an 18.56 % stake in E-Mart, the nation’s greatest low cost retailer chain by gross sales.

The 55-year-old was promoted as chairman in March to assist the retail large journey out the unfavorable enterprise setting and meet quickly altering buyer calls for. (Yonhap)