Chairman Seokyungbae's Generous Love for Son-in-Law... Second Daughter Gifts 6.3 Billion Won Each to Eldest Son-in-Law

Seokyung Bae, Chairman of Amorepacific Group

[Asia Economy Reporter Seungjin Lee] Seo Kyung-bae, chairman of Amorepacific, announced on the 8th that he will gift a total of 200,000 shares of Amorepacific Group (AmoreG) stock, 100,000 shares each, to his son-in-law Hong Jeong-hwan, head of investment screening at Bogwang Startup Investment, who is married to his eldest daughter Seo Min-jeong, and to his younger daughter Seo Ho-jeong, who previously held no shares.

The stock price of Amorepacific Group was 63,200 KRW at the closing price on that day. Shares worth more than 6.3 billion KRW were gifted respectively to Ho-jeong and Hong Jeong-hwan.

Compared to Min-jeong, the eldest daughter, who holds 2,412,710 shares of Amorepacific Group stock, Ho-jeong previously had no shares. With this gift, son-in-law Hong Jeong-hwan and Ho-jeong will both be listed on the shareholder registry.

As a result of this gift, Chairman Seo's shareholding ratio (based on common stock) decreased from 53.9% to 53.66%. Instead, Ho-jeong and Hong Jeong-hwan, who previously had no shares, will each hold a 0.12% stake.

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