Kim Hyun-kyum, chairman and largest shareholder of Pan Star Enterprise, a KOSDAQ-listed affiliate of Pan Star Group, will make additional stock purchases to stabilize the share price and strengthen accountable management.
Pan Star Enterprise said in a regulatory filing Wednesday that Kim will acquire 553,098 treasury shares on the open market from Aug. 3 to Sept. 1. The planned acquisition is worth about 500 million won, based on the July 1 closing price of 904 won, representing about 1 percent of total outstanding shares.
Kim had earlier purchased an additional 64,500 shares from June 30 to July 1. Once the planned acquisition is completed, Kim's stake will rise to 19.72 percent.
Pan Star Enterprise said the treasury share purchase reflects a share price that is undervalued relative to the company's corporate value.
"The largest shareholder's acquisition of treasury shares is intended to strengthen accountable management and enhance shareholder value by boosting market confidence," a Pan Star Enterprise official said.
