Chung Yong-jin, chairman of Shinsegae Group, announced on the 14th that he has purchased all shares (10%) of Emart owned by his mother, Lee Myung-hee, who is the chairperson of Shinsegae Group.
Chung bought 2,787,582 shares of Emart at 80,760 won per share through off-hours trading starting from the 10th. The total amount is 225.1 billion won. As a result of this transaction, Chung's equity stake in Emart has increased from the previous 18.56% to 28.56%.
Chung is reported to have raised funds through a stock collateral loan.
On the 10th of last month, Shinsegae Group revealed this transaction plan, explaining, "This is a measure to further strengthen performance-based management as the largest shareholder of Emart," noting that Chung intends to show responsibility and confidence in enhancing the corporate value of Emart by personally investing assets and taking on the burden of acquiring equity in Emart.