Sung Ho Electronics CEO Jeong Horim Purchases 1.5 Billion Won in BW, Citing Responsible Management and Growth Confidence
Sung Ho Electronics announced on the 20th that CEO Jeong Horim has purchased 1.5 billion won worth of bonds with warrants (BW) previously held by the company.
Jeong Horim, a former executive at LG Group who joined Sung Ho Electronics earlier this year, has now acquired the BW previously held by the company. The total amount is approximately 113 million won based on face value, but Jeong decided to purchase them at an exercise price of 22,000 won per share, higher than the current market price.
The company said this BW purchase demonstrates the management’s commitment to responsible management and its confidence in Sung Ho Electronics’ mid-to-long-term growth potential and enhancement of corporate value.
Jeong Horim stated, "Although volatility in the capital market is increasing due to external factors such as war, the growth momentum of Sung Ho Electronics and its core subsidiaries, including ADS Tech, remains strong."
Some of the 14th round BW was also acquired by the investment firm Corestream Partners. Corestream Partners purchased approximately 37 million won worth of BW at the same exercise price of 22,000 won per share as Jeong, making the total investment about 500 million won.
A representative from Corestream Partners said, "We acquired the BW because we highly value the mid-to-long-term growth potential of Sung Ho Electronics."
Seryong Electronics, the largest shareholder, is also continuing to expand its stake. Seryong Electronics purchased 11,000 shares of Sung Ho Electronics on the 6th, followed by an additional 10,000 shares on the 14th, and a further 5,700 shares on the 16th.
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The recent BW acquisitions and the continued stake increases by the largest shareholder are regarded as moves that demonstrate the confidence of both management and key shareholders in Sung Ho Electronics’ growth potential and corporate value.
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