Kakao executives buy back $323,000 worth of company shares

This undated photo, provided by Kakao, shows the company's executivies during a corporate alignment council meeting. Yonhap A group of executives at Kakao, the operator of Korea's dominant mobile messenger, have bought back 450 million won ($323,392) worth of the company's shares as part of efforts to regain shareholders' trust, the company said Tuesday. A total of nine executives, including Kwon Dae-yeol, President of ESG Committee at Kakao's Corporate Alignment Council, and Shin Jong-hwan, the company's chief financial officer, have each purchased stocks valued at around 50 million won from Nov.

8-14, according to the company's regulatory filing. The company explained the share buyback was aimed at strengthening the "responsible" management of the company and restoring its shareholders' trust. Kakao has been in a management crisis after its founder, Kim Beom-su, was charged with involvement in the suspected stock manipulation of SM Entertainment during the firm's takeover of the K-pop agency in February last year.



Kakao's stock price has plunged to less than one-fourth of its record high of over 170,000 won tallied in June 2021. Its shares closed at 35,100 won on the main Seoul bourse Monday. To boost the stock price, Kakao CEO Chung Shin-a also purchased 100 million won worth of the company's shares in May and August, respectively.

(Yonhap).