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Kim Dong-kwan, CEO of Hanwha Aerospace's Strategic Division. (Photo = Hanwha) |
[Alpha Biz= Kim Jisun] Hanwha Group Vice Chairman Kim Dong-kwan and key executives are set to purchase approximately 4.8 billion KRW worth of Hanwha Aerospace shares.
On the 23rd, Hanwha Aerospace announced that Kim, the company’s Strategic Division CEO, would buy around 4.9K shares, amounting to approximately 3 billion KRW (based on the closing price on the 21st). Additionally, Business Division CEO Son Jae-il and Strategic Division President Ahn Byung-chul plan to purchase 1.45K shares (900 million KRW) and 1.35K shares (800 million KRW), respectively.
Last year, Kim, Son, and Ahn received annual salaries of 3.058 billion KRW, 911 million KRW, and 841 million KRW from Hanwha Aerospace. Their decision to invest their entire annual salaries in company shares demonstrates strong confidence in its future. The purchases will be executed sequentially once the Korea Exchange (KOSPI) opens on the 24th.
The executives are making this move as they believe the company’s stock is undervalued following a sharp decline, despite expectations of high growth post-capital increase. On the 20th, Hanwha Aerospace's board approved a record-breaking 3.6 trillion KRW rights offering, the largest in Korean stock market history, which led to a steep drop in the stock price.
Starting on the 24th, Kim and the executives will continue to emphasize that the capital increase will ultimately enhance shareholder value through their direct stock purchases.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
