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[Alpha Biz=(Chicago) Reporter Paul Lee] Joo Ji-hong, the third-generation owner of Sajo Group, who had been at odds with minority shareholders, bought a large number of treasury shares sold by Sajo Daelim.
According to the Financial Supervisory Service's electronic disclosure system on the 17th, Vice Chairman Joo purchased 140,000 shares of Sajo Daelim for 24,700 won per share through over-the-counter trading on the 7th. The total purchase price was 3.458 billion won, and Vice Chairman Joo's stake in Sajodaelim increased from 0.03% to 1.56%.
Sajo Daelim sold the remaining 11,171 shares of its shares to the market, which were not sold to the vice chairman Joo. The average selling price is KRW 25,051 per share, higher than the price bought by the vice chairman Joo.
Sajo Dongawon, a flour and feed company of Sajo Group, has also been increasing its stake in Sajo Daelim since April. Sajo Dongawon bought a total of 54,271 shares by the 6th after purchasing 1,000 shares of Sajo Daelim on April 28.
Based on the closing price of each purchase period, the company spent about 1.53886 billion won, and its stake in Sajo Daelim also increased from 7.86% to 8.70%.
Regarding Vice Chairman Joo's stake purchase, Sajo Daelim explained, "In order to minimize the negative impact of the disposal of treasury shares, it designated Vice Chairman Joo as the disposal target in consideration of the investor's intention to invest."
As of the first quarter of this year, the cash and cashable assets of Sajodaelim are 92.6 billion won.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
