Bae Hyeong-geun, president of Hyundai Motor Securities, recently applied at the maximum level for the company's rights offering and received new shares.
According to Hyundai Motor Securities on the 21st, President Bae applied for an oversubscription exceeding 120% in the rights offering on the 26th of last month, resulting in an allocation of new shares. Consequently, the number of shares held by President Bae increased from 11,130 shares to 19,877 shares.
Hyundai Motor Securities emphasized, "Considering that Hyundai Motor Securities' stock price plummeted after the paid-in capital increase decision, President Bae's oversubscription demonstrates confidence in the company's growth and value enhancement plans."
President Bae, who took office in January of last year, purchased 11,130 shares of company stock at 8,986 won per share just three months after taking office. Following the announcement of the paid-in capital increase by Hyundai Motor Securities on November 26 of the same year, the stock price dropped approximately 13% the next day. On the day before the new shares were listed, on the 18th of this month, the value of President Bae's held shares also fell to about 35% compared to the purchase price, leading to an estimated evaluation loss of about 35 million won.
President Bae noted, "Based on the increased equity from the paid-in capital increase, I will continue to work hard to enhance corporate value."