"Thank you, 'God Boo-jin'": Hotel Shilla shares surge 10% after Lee Boo-jin announces 20 billion won share purchase

According to The Financial News, Hotel Shilla shares jumped more than 10% after CEO Lee Boo-jin announced plans to purchase company stock.
As of 1:48 p.m. on the 27th, Hotel Shilla was trading at 46,300 won, up 10.37% (4,350 won) from the previous session.
Analysts noted that the rally in Hotel Shilla’s share price was driven by improved investor sentiment following Lee’s decision to buy treasury shares. On online message boards for Hotel Shilla, investors have been posting a series of positive comments about the CEO.
The previous day, Hotel Shilla disclosed that Lee plans to purchase 20 billion won worth of the company’s shares on the open market. The buying is scheduled to take place over 30 trading days starting on the 27th of next month.
Earlier, it was also disclosed that on the 23rd, President Han In-gyu, who oversees operations at Hotel Shilla, bought 200 million won worth of shares on the open market.
A Hotel Shilla official explained, "The management’s share purchases express our commitment to supporting the share price and enhancing shareholder value," adding, "We will further strengthen responsible management, build greater trust with shareholders, and work to increase our corporate value."
At the shareholders’ meeting held on the 19th, Lee presented the company’s business performance and future strategy. She said the Travel Retail Division will secure stable profitability by improving its business structure, while the hotel division will establish a foundation for sustainable growth based on brand competitiveness.
bng@fnnews.com Kim Hee-sun Reporter