Chung Yong-jin / Yonhap
Chung Yong-jin, chairman of Korean retail conglomerate Shinsegae Group, has acquired an additional stake in the group's discount store affiliate, Emart, for responsible management, the group said Friday.
Chung purchased 2.78 million Emart shares, held by his mother and the group's general chairwoman, Lee Myung-hee, for 225.1 billion won ($156 million) in after-hours trading on Tuesday, the group said in a regulatory filing.
The chairman used his personal assets for the stock purchase, which pushed up his stake in Emart from 18.56 percent to 28.56 percent, the group said.
The stock purchase is aimed at strengthening the chairman's responsible management as the biggest shareholder of Emart based on the discount retailer's performance amid growing uncertainties at home and abroad, it said.
For all of 2024, Emart's net losses widened to 573.4 billion won from 187.5 billion won a year earlier.
The 55-year-old was promoted to chairman in March last year to help the retail giant ride out the unfavorable business environment and meet rapidly changing customer demands. (Yonhap)
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