Euisun Chung purchases more shares

Hyundai Motor’s chairman has purchased more shares in group companies as prices have been weak during the coronavirus crisis.

Euisun Chung bought a total of 81.7 billion won ($66.6 million) worth of shares in Hyundai Motor and Hyundai Mobis over five trading sessions to demonstrate commitment to improving business performance and shareholder value, the company said Thursday.

He utilized personal funds in the acquisition of the shares.

After the purchases, Chung owns a 2.62 percent stake in Hyundai Motor and 0.32 percent in Hyundai Mobis.

Hyundai Motor has temporarily suspended operations of its plants in the United States, India and Brazil due to supply disruptions and lower demand caused by the virus outbreak.

Shares in Hyundai Motor rose 2.4 percent to 86,600 won. Hyundai Mobis climbed 1.8 percent to 172,500 won, helped by the share purchases as of 12:00 p.m. The broader Kospi gained 0.8 percent.

Hyundai Motor and Mobis plunged 40 percent and 36 percent, respectively, this month through Monday, before rebounding Tuesday.

Yonhap