The securities market listed company, vehicle sharing firm SOCAR, is surging early in the session on the 14th following news of a public buyout by founder Lee Jae-woong.
As of 9:13 a.m. on that day, SOCAR is trading at 17,070 won, up 2,860 won (20.13%) from the previous trading day.
According to the Financial Supervisory Service electronic disclosure system, Lee Jae-woong's personal company, SQR, disclosed plans to publicly buy 171,429 shares of SOCAR (0.52% of total outstanding shares) at 17,500 won per share. The public buyout price is 17,500 won per share, approximately 23.15% higher than the previous day's closing price of 14,210 won.
The reason Lee Jae-woong is conducting the public buyout of SOCAR shares is interpreted as a strategic move in anticipation of a potential management conflict with LOTTE Rental, the second-largest shareholder of SOCAR.
Currently, combining Lee Jae-woong's personal ownership of 9.99% of SOCAR, CEO Park Jae-wook's 2.98%, and the holdings of related parties and friendly forces, the total equity ownership stands at around 45%. LOTTE Rental holds a 25.7% stake.