Chung Euisun Followed by Choi Jungwoo Also Buying Company Shares... Strengthening Responsible Management in Business Circles

Commitment to Responsible Management and Confidence in Fundamental Strength

Hyundai Motor Group Vice Chairman Chung Euisun is delivering a New Year's address at the 2020 Hyundai Motor Group Kick-off Ceremony held at Hyundai Motor Company headquarters in Seocho-gu, Seoul, on the 2nd. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Ji-hee] Amid a sharp decline in stock prices due to the spread of the novel coronavirus infection (COVID-19), group heads and top executives have been actively purchasing their company’s shares.

According to the business community on the 24th, Chung Eui-sun, Executive Vice Chairman of Hyundai Motor Group, purchased 139,000 shares of Hyundai Motor and 72,552 shares of Hyundai Mobis on the previous day through the market. The total purchase amount was approximately 19 billion KRW.

Earlier, on the 19th, Hyundai Motor CEO (President) Lee Won-hee and Seo Bo-shin, Head of Production Quality, each bought 1,391 and 4,200 shares of their company’s stock, respectively. A Hyundai Motor Group official stated, "In the unstable financial and stock market situation caused by the global spread of COVID-19, this reflects our determination to responsibly lead the company." He added, "We expect the voluntary stock purchases by Hyundai Motor and Hyundai Mobis executives to lead to an increase in future corporate value and shareholder value."

Choi Jung-woo, Chairman of POSCO (Photo by POSCO)

On the same day, POSCO Chairman Choi Jeong-woo and 51 POSCO executives announced the purchase of 16,000 shares worth a total of 2.6 billion KRW. Additionally, 89 executives from five listed companies within the POSCO Group?POSCO International, POSCO Chemical, POSCO ICT, POSCO Steel, and POSCO M-Tech?also purchased shares worth a total of 2.1 billion KRW. This relay-style stock purchase by management is expected to have a twofold effect: demonstrating their commitment to responsible management to shareholders and boosting market confidence by showing confidence in the company’s fundamental strength.

Kumho Tire also decided through a board resolution on the previous day to purchase treasury shares worth 50 billion KRW over the next six months. Cho Hyun-sik, Vice Chairman of Kumho Technology Group, said, "We will continue to pursue management innovation within our existing business areas and actively seek new investment and mergers and acquisitions (M&A) opportunities based on a sound financial structure, striving to simultaneously strengthen core business capabilities and future competitiveness to further enhance shareholder value."

This content was produced with the assistance of AI translation services.