Seo Kyung-bae, chair of Amorepacific Group, gifted about 4.5 billion won worth of Amorepacific shares to five relatives.
According to the <a href="https://bitcomme.com/danish-startup-plinto-raises-e2-9m-to-streamline-financial-controls/” title=”Danish startup Plinto raises €2.9M to streamline financial controls”>Financial Supervisory Service’s electronic disclosure system on the 20th, Seo on the 13th transferred 33,891 common shares of Amorepacific(090430) to five people, including Seo Kang-su, Seo In-seon, Seo Joo-hyun, Seo Deok-gi, and Seo Jae-eun. Seo Kang-su, Seo Deok-gi, and Seo Jae-eun each received 7,565 shares (about 1 billion won), Seo In-seon received 7,489 shares (about 990 million won), and Seo Joo-hyun received 3,707 shares (about 490 million won). Based on the previous day’s closing price (132,220 won) before the gift, the total amounts to 4.48 billion won. The five recipients were listed as Amorepacific shareholders for the first time through this gift.
In the filing, all five recipients were categorized as Seo’s “relatives.” Born between 1977 and 1995, they did not include Seo’s eldest daughter, Seo Min-jeong, or younger daughter, Ho-jung. An Amorepacific official said, “Because this concerns personal equity, it is difficult to confirm the recipients’ specific relationships with Seo or the reason for the gift.”
With this gift, Seo’s holdings decreased to 6,000,120 shares from 6,034,011 shares. The equity stake fell 0.05 percentage point, to 8.69% from 8.74%.
After the gift, the Amorepacific largest shareholder group’s equity stakes are Amorepacific Holdings 34.41%, Seo 8.69%, Amorepacific Foundation 1.11%, Seo’s eldest sister, Seo Song-suk, 0.21%, Seo’s younger daughter, Seo Ho-jung, 0.19%, and each of the five recipients 0.01%. Including 14 executives at affiliates, the combined stake of related parties is 44.68%, unchanged from before the gift. On a voting common share basis, it is 50.04%.
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