Setopia, CEO Seo Sangcheol Buys 130,000 Shares on Market... "Strengthening Responsible Management"
Setopia announced on the 4th through a public disclosure that CEO Seosangcheol purchased treasury shares on the market to dispel confusion about the company's essence.
Seosangcheol, CEO of Setopia, purchased 130,000 treasury shares under his personal name over three days starting June 28. The acquisition price was 3,070 KRW per share, totaling approximately 400 million KRW.
After participating in a paid-in capital increase in June, CEO Seo additionally purchased treasury shares through on-market acquisitions. Including this recent purchase, his holdings have expanded to 1,654,390 shares. The paid-in capital increase and convertible bonds involving major shareholders other than the CEO are subject to a one-year lock-up period, during which trading or profit realization is prohibited.
The company explained that through the CEO's recent treasury share purchase, it expresses its commitment to enhancing shareholder value and corporate value, expecting to improve the company's credibility and strengthen stock price stability through responsible management.
CEO Seo stated, "I proceeded with the treasury share purchase to dispel malicious rumors and concerns that arise regardless of the company's essence and business purpose," adding, "I will strive to enhance the value of shareholders and the company through confidence in corporate growth and responsible management."
He continued, "Going forward, I plan to continue on-market purchases whenever opportunities arise to align closely with shareholders."
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A Setopia representative said, "We are currently undertaking procedures to correct the essence in order to restore the trust of shareholders and investors who support and cheer for the sweat and efforts of all employees and the company's growth, following recent malicious speculative reports not based on facts," adding, "Taking this situation as an opportunity, we will firmly respond to and correct any false rumors that damage shareholder value and undermine trust in the financial market."
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