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Shinsegae chairman to buy 10 pct stake in E-mart for corporate value

January 10, 2025

Chung Yong-jin, chairman of retail giant Shinsegae Group, will acquire an entire 10 percent stake in the group’s discount store affiliate, E-Mart Inc., held by his mother and general chairwoman Lee Myung-hee to enhance corporate value, E-Mart said Friday.

Chung plans to purchase 2.78 million E-Mart shares for 214 billion won (US$146 million) in after-hours trading from Jan. 10 through March 11, the company said in a regulatory filing.

“This planned stock purchase using his personal assets is aimed at strengthening the chairman’s responsible management as the biggest shareholder of E-Mart based on E-Mart’s performance amid growing uncertainties at home and abroad,” it said.

Chung currently owns an 18.56 percent stake in E-Mart, the country’s biggest discount store chain by sales.

The 55-year-old was promoted as chairman in March to help the retail giant ride out the unfavorable business environment and meet rapidly changing customer demands.

This undated file photo provided by Shinsegae Group shows Group Chairman Chung Yong-jin. (PHOTO NOT FOR SALE) (Yonhap)
This undated file photo provided by Shinsegae Group shows Group Chairman Chung Yong-jin. (PHOTO NOT FOR SALE) (Yonhap)