Lotte Chairman Shin Dong-bin and Key Executives Buy Company Shares... "Realizing Responsible Management"

[Asia Economy Reporter Seungjin Lee] Shin Dong-bin, Chairman of Lotte Group, along with executives of Lotte Holdings, have started purchasing company shares.

This move is interpreted as an effort to defend the rapidly falling stock price due to the impact of the novel coronavirus disease (COVID-19) and to demonstrate a commitment to responsible management.

According to the Financial Supervisory Service's electronic disclosure system on the 20th, Chairman Shin purchased 47,400 shares of Lotte Holdings. As a result, his holdings in Lotte Holdings increased to 11.67%.

Vice Chairman Hwang Gak-gyu also purchased 300 shares. President Yoon Jong-min, Head of the Management Strategy Office, bought 1,000 shares, and other key executives also participated in buying company shares.

Chairman Shin and 29 executives of Lotte Holdings plan to use more than 10% of their salaries to purchase company shares on this day. It is reported that Chairman Shin invested about 1 billion won, roughly half of his annual salary last year, to buy company shares.

The stock price of Lotte Holdings fell to 20,350 won based on the previous day's closing price. Compared to the closing price of 70,400 won on October 30, the first trading day after the launch of Lotte Holdings in 2017, it has dropped to about one-third of that level.

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