CEO Lee Boo-jin to Purchase Hotel Shilla Shares Worth 20 Billion Won... "Demonstrating Responsible Management"
To be acquired over a period of 30 days starting April 27
Future strategies unveiled at the shareholders meeting
TR division to secure stable profitability
Hotel division to establish foundation for sustainable growth
Hotel Shilla announced in a regulatory filing on March 26 that CEO Lee Boo-jin will purchase shares worth 20 billion won on the open market.
CEO Lee plans to acquire the shares over a period of 30 days, starting from April 27. In addition, Han In-kyu, President and Chief Operating Officer, also purchased shares worth 200 million won on the open market on March 23.
A Hotel Shilla official stated, "The executives' share purchases demonstrate their commitment to boosting the stock price and enhancing shareholder value. We will further strengthen responsible management, reinforce shareholder trust, and strive to increase corporate value."
Previously, at Hotel Shilla's annual general meeting of shareholders on March 19, CEO Lee presented the company's business performance and future strategy, stating, "The TR (travel retail) division will secure stable profitability through business structure improvement, while the hotel division will establish a foundation for sustainable growth based on brand competitiveness."
According to the company, since the opening of Shilla Stay in 2014, the hotel division now operates 21 properties, and plans to secure a foundation for sustainable growth by expanding its hotel business and diversifying its business areas based on brand competitiveness.
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The company representative added, "The TR division has struggled with sluggish results due to unfavorable market conditions following COVID-19. We are working to secure a stable profit base by focusing on business structure improvement, operational efficiency, and risk management, and expect to see visible effects of these efforts starting this year."
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