[Special Stock] Geumyang Rises 14% on News of Chairman Ryu Gwangji's 400 Billion KRW Gift...

On the news that Chairman Ryu Gwang-ji of Geumyang will donate more than 400 billion won worth of shares to the company for free, Geumyang's stock price showed strength on the 1st.

[Image source=Yonhap News]

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According to the Korea Exchange, as of 9:36 a.m. on that day, Geumyang was trading at 47,400 won, up 14.22% (5,900 won) from the previous trading day.

The news that Chairman Ryu Gwang-ji will donate 10 million treasury shares he holds to the company for free appears to have pushed the stock price up.

Geumyang announced after the market closed the previous day that the largest shareholder, Chairman Ryu, would donate 10 million treasury shares to the company for free. Chairman Ryu currently holds 20,676,103 shares of Geumyang stock, representing a 35.62% stake. With this free donation, his stake will decrease to 18.39%.

The scale of the free donation amounts to 415 billion won based on the previous day's closing price (41,500 won). The expected acquisition date is December 2.

After acquiring the 10 million shares, Geumyang plans to dispose of them and use the proceeds for the completion of a new secondary battery plant and equipment funds in Gijang-gun, Busan.

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