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Hyundai Motor heir gains W18b through stock buybackBy Shin Ji-hye
Published : March 26, 2020 - 17:58
Hyundai Motor Group Executive Vice Chairman Chung Euisun, who recently purchased treasury shares, has seen gains from the stock market recovery as well as the strengthening of his control.
The market capitalization of Hyundai Motor and Hyundai Mobis shares totaled 100 billion won ($81 million) as of Thursday, with 49.4 billion won for the automaker and 50.7 billion won for the parts unit.
From Thursday last week to Wednesday, Chung bought shares of Hyundai Motor at a price between 68,435 won and 81,463 won per share and Hyundai Mobis at a price between 13,789 won and 161,692 won.
As of Thursday, Chung earned 18.4 billion won in valuation gains. Hyundai Motor’s share price ended at 84,900 won and Hyundai Mobis’ share price closed at 167,000 won on the day.
The heir’s stake in Hyundai Motor rose 0.27 percentage point to 2.62 percent, and up 0.32 percent in Hyundai Mobis.
The automaker said Chung expressed his will to enhance shareholder value, adding the decision has “nothing to do with” corporate governance.
After Chung’s stock purchase, stock prices in Korea rebounded due to the US Federal Reserve and the Bank of Korea’s announcement of measures to boost the economy and stabilize the financial market.
By Shin Ji-hye (email@example.com)
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