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Average of 300 shares per employee paid
“I want to share what I have saved and earned for the happiness of my employees.”
Tae Ryong Kang, chairman of the auto parts company Central Group, presented 223,000 shares of Central Motek to 739 employees free of charge. This amounted to 7.9 billion won when converted based on the closing price of May 25, 2020 (35,700 won) at the time of donation. Central Motek is an affiliate of Central Group and was listed in November 2019.
Accordingly, Central employees receive an average of 300 shares per employee. In general, in the IPO process, 20% of the quantity is assigned to the employee stock ownership association first, but it is unusual for management to distribute individual stock to employees of the affiliate.
Chairman Tae Ryong Kang said that “I have always been thinking about how to practice the happiness of employees, one of the Central Group's management philosophies. I decided to share my private stock with my employees because I think sharing their efforts and savings is one of the ways to make employees happy.” And, he added that “I want employees to fulfill their responsibilities and roles as an employee and as a shareholder.”
A Central Group representative said that “He has always tried to pursue an organizational culture that respects employees and values employee happiness. Chairman Tae Ryong Kang's usual management philosophy of ‘sharing what we earned and saved by hard work’ is reflected in this donation.”
And, he added that “The employee stock donation plan was announced to employees at the time of the listing of Central Motek last year. It is believed that stocks that are paid in the difficult times of the automobile industry and in times when everyone is in trouble due to corona will provide great motivation for employees.”
The shares were distributed to 739 employees of the Central Group affiliates excluding the employee stock ownership association of Central Motek, and were distributed from May 25, at the end of the safeguard deposit period.
“I want to share what I have saved and earned for the happiness of my employees.”
Tae Ryong Kang, chairman of the auto parts company Central Group, presented 223,000 shares of Central Motek to 739 employees free of charge. This amounted to 7.9 billion won when converted based on the closing price of May 25, 2020 (35,700 won) at the time of donation. Central Motek is an affiliate of Central Group and was listed in November 2019.
Accordingly, Central employees receive an average of 300 shares per employee. In general, in the IPO process, 20% of the quantity is assigned to the employee stock ownership association first, but it is unusual for management to distribute individual stock to employees of the affiliate.
Chairman Tae Ryong Kang said that “I have always been thinking about how to practice the happiness of employees, one of the Central Group's management philosophies. I decided to share my private stock with my employees because I think sharing their efforts and savings is one of the ways to make employees happy.” And, he added that “I want employees to fulfill their responsibilities and roles as an employee and as a shareholder.”
A Central Group representative said that “He has always tried to pursue an organizational culture that respects employees and values employee happiness. Chairman Tae Ryong Kang's usual management philosophy of ‘sharing what we earned and saved by hard work’ is reflected in this donation.”
And, he added that “The employee stock donation plan was announced to employees at the time of the listing of Central Motek last year. It is believed that stocks that are paid in the difficult times of the automobile industry and in times when everyone is in trouble due to corona will provide great motivation for employees.”
The shares were distributed to 739 employees of the Central Group affiliates excluding the employee stock ownership association of Central Motek, and were distributed from May 25, at the end of the safeguard deposit period.
