KT execs buy KRW 2.1b worth of treasury stocks

KT executives bought up a total of KRW 2.1 billion worth of 111,583 treasury stocks in March to help bolster share prices, according to the telco’s disclosure information analyzed by The Elec.

Among the 86 executives, the head of the company’s network research technology unit Lee Soo-gil buying the most number of shares of 7550 worth KRW 139 million for 18,450 won per piece on March 24.

“The executives will become more motivated to help enhance corporate value,” said Yoon. “This will help strengthen KT’s leadership in the communications and network platform market amid chances including a new CEO and the dawn of the 5G era.”

CEO Koo Hyun-mo purchased 5234 shares worth 99 million won for 18,971 won per apiece. The company’s CFO purchased 4,000 shares for 17,700 per piece for KRW 70.8 million.

As of April 2, Yoon’s shares rose 12.7% in value, handing him a profit of KRW 9 million. Lee’s profit was 11.32 million won with a rate of 8.1%. The CEO’s shares rose 5.2% in value, giving him KRW 5.12 million of profit.

Out of the 86 executives, 38 each bought 1,000 shares worth KRW 19.95 million. A total of 26 executives purchased more than 1,000 shares, while 22 bought less than 1,000. On average, each executive purchased 1,297 shares each.

The move comes after a recent regular shareholders’ meeting where shareholders called on the company to take measures to bolster the lagging KT share prices.

The Elec is South Korea’s No.1 tech news platform.