Jung Eui-sun Buys 81.7 Billion KRW Worth of Hyundai Motor and Mobis Shares Over 5 Days

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 Suyeon Woo] Chung Euisun, Executive Vice Chairman of Hyundai Motor Company, recently purchased approximately 81.7 billion KRW worth of Hyundai Motor and Hyundai Mobis shares over five days. This move is interpreted as an effort to defend the stock price, which fell due to the impact of the novel coronavirus infection (COVID-19), and to demonstrate responsible management.

According to a disclosure by the Financial Supervisory Service on the 26th, Executive Vice Chairman Chung purchased a total of about 81.7 billion KRW worth of Hyundai Motor and Hyundai Mobis shares over five trading days from the 19th to the 25th. The purchase amount was 40.5 billion KRW for Hyundai Motor and 41 billion KRW for Mobis.

Over the past five days, Vice Chairman Chung bought 581,333 shares of Hyundai Motor and 303,759 shares of Mobis on the market. The average purchase price was 72,080 KRW for Hyundai Motor and 140,186 KRW for Mobis.

As a result, Vice Chairman Chung's shareholding ratio increased by 0.27 percentage points to 2.62% in Hyundai Motor, and grew from 0% to 0.32% in Mobis. This is based on voting common shares.

A Hyundai Motor Group official explained, "This shows the intention of responsible management amid the unstable financial market caused by the COVID-19 crisis." Following Vice Chairman Chung's consecutive purchases, Hyundai Motor's stock price recently recovered from the 60,000 KRW range to the 80,000 KRW range.

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