Former Socar CEO Lee Jae-woong Purchases 336,000 Shares of Company Stock

Socar announced on the 22nd through a disclosure that former Socar CEO Lee Jae-woong purchased 336,000 shares of the company's treasury stock through on-market transactions. This corresponds to 1.02% of the total issued shares. Accordingly, the shareholding of the largest shareholder, SOQRi, and its related parties increased from the previous 36.79% to 37.81%.

It is understood that former CEO Lee made this treasury stock acquisition while positively evaluating the potential of Socar's recently announced 'Socar 2.0' strategy. The core of the Socar 2.0 strategy is to maximize the lifetime value (LTV) of vehicles and users to achieve an annual growth rate of 30%.

In a message sent to Socar employees, former CEO Lee said, "I hope that my investment, based on the company's future value, can contribute even a little to Socar members turning concrete plans into reality." He added, "I believe that Socar's board of directors and management will conduct management worthy of a listed company that returns the fruits of growth to all shareholders."

Socar CEO Park Jae-wook responded, "I express my gratitude to former CEO Lee, who trusted the company's management and invested during a time when we must undertake strategic investments and endure growing pains among many parties."

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