Hotel Shilla shares rose in early trading on the 27th. The gains appear to reflect buying after news that CEO Lee Boo-jin would purchase $20 billion won worth of the company's own shares.
As of 9:27 a.m. that day on the Korea Exchange, Hotel Shilla was trading at 44,700 won, up 2,750 won (6.56%) from the previous session.
According to the Financial Supervisory Service's electronic disclosure system the previous day, the CEO plans to buy 270,000 common shares of Hotel Shilla on the open market from on the 27th of next month through May 26.
Applying the previous session's closing price of 41,950 won, the purchase is worth about 19.7 billion won.
The purpose of the transaction was noted as strengthening accountable management. It is known that this is the first time the CEO has purchased Hotel Shilla shares.
Also on the same day, a disclosure said that Han In-gyu, Hotel Shilla's chief operating officer, bought 4,800 common shares on the open market on the 25th at 41,710 won per share. The purchase is worth about 200 million won.