Chairman Kim Ki-hong
Executives of Korea’s JB Financial Group have purchased treasury shares to aid stock prices amid bearish Korean stock market.
According to JB Financial Group on Friday, its chairman Kim Ki-hong and other five top executives bought a combined 61,583 JB Financial Group shares worth 330 million won ($278,904.67) from late May to early June to boost stock value and show responsible management.
Other director-level executives of all JB Financial Group units also followed suit and bought a combined 330,000 shares totaling more than 1.8 billion won.
The recent buying of treasury stocks is to bolster the stocks trading at lower valuation, and the company expects stock purchases by top executives would help create a healthy organizational culture in the group.
Chairman Kim has vowed to go all-out efforts to drive quality growth, boost the corporate value and reward shareholders since the inauguration in March this year.
[Photo provided by JB Financial Group]
Jeolla-based regional financial group with operations largely in southern part of Korea has also turned active in making forays into overseas markets. Of many foreign projects, Phnom Penh Commercial Bank (PPCBank), a subsidiary of Jeonbuk Bank under JB Financial Group, on Friday agreed to partner with International Finance Corporation to expand loans for small- and mid-sized companies in Cambodia to $520 million worth in total for the next five years.
JB Financial Group shares closed Monday 0.87 percent higher at 5,790 won in Seoul trading.
By Kim Gang-rae and Lee Ha-yeon
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