Jaan CEO's Third Additional Purchase of Company Shares... "Confidence in New and Core Businesses"

[Asia Economy Reporter Hyunseok Yoo] Jaan announced on the 3rd that its largest shareholder, CEO An Sichan, has additionally purchased 233,979 shares of the company's stock on the open market.

CEO An previously purchased 1,232,382 shares of the company's stock in two separate transactions in October. Through this recent purchase, CEO An has acquired a total of 1,466,361 shares (1.03%) in October alone, securing a total stake of 32.99%.

With this increased stake, CEO An plans to strengthen responsible management and accelerate new business ventures related to masks. Jaan's premium fashion masks are currently undergoing trial production under license agreements with Italian luxury brands ‘Ereuno’ and ‘Hydrogen’. The company explained that these two brands are well recognized in Europe and have sufficient competitiveness amid the recent rapid spread of the novel coronavirus infection (COVID-19) second pandemic, especially centered in Europe.

Jaan is currently pursuing necessary certifications for export, including the US FDA approval, European CE certification, and Korea’s MFDS KF94 certification for its premium fashion masks. Once these certifications are completed, the company plans to actively supply the masks worldwide, including Europe and the United States.

A Jaan representative said, “As masks have become essential daily items due to COVID-19, demand for related premium masks is increasing, and we expect strong growth potential for the mask new business currently underway. We also anticipate that the performance of the Color Business Division, which produces and sells coatings for mobile and other small home appliances, will successfully turn around in the fourth quarter.”

He added, “CEO An believes that the stock price is undervalued because the growth potential of the new business and the improvement in the core business performance have not been fully reflected. If this undervaluation continues, steady additional purchases of treasury shares are being considered.”

Meanwhile, Jaan decided on a shareholder allocation rights offering worth approximately 30.5 billion KRW in October. The company plans to successfully complete the rights offering in December and accelerate the expansion of new businesses.

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