Chairman Sohn Tae-seung and Woori Financial Executives Buy Shares to Boost Stock Price
[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group recently announced on the 12th that its executives, including Chairman Sohn Tae-seung, Vice Presidents Lee Won-duk, Park Kyung-hoon, Shin Myung-hyuk, and Executive Director Jung Seok-young, collectively purchased a total of 11,782 shares of the company's stock on the open market. Chairman Sohn acquired 5,000 shares, bringing his total holdings to 73,127 shares.
The recent stock purchase by Woori Financial's management has drawn particular attention given the increased volatility in the stock market caused by the novel coronavirus disease (COVID-19) and other factors.
Meanwhile, despite challenging domestic and international conditions last year, including the ongoing US-China trade dispute and falling interest rates, Woori Financial solidified its group structure in the founding year of its holding company by achieving record-high operating profits on a recurring basis and successfully completing non-bank mergers and acquisitions (M&A).
Additionally, the company decided on a record-high cash dividend of 700 KRW per share, an increase of 50 KRW compared to the previous year, as the year-end dividend. This reflects an enhanced shareholder-friendly policy aimed at returning profits to shareholders.
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A Woori Financial representative stated, "The recent stock purchases by Chairman Sohn Tae-seung and the management team demonstrate confidence that Woori Financial can maintain solid fundamentals throughout this year despite concerns over the domestic and global economy caused by the COVID-19 crisis, and send a message that recent worries surrounding financial stocks are excessive. Although schedules planned for early this year have been postponed due to the COVID-19 impact, once the situation stabilizes, we will actively pursue domestic and international investor relations (IR) activities."
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