Lee Myung-hee, Shinsegae Chairwoman, Gifts Part of Shares to Chung Yong-jin and Chung Yoo-kyung

Chung Yong-jin, Vice Chairman of Shinsegae Group, Increases Emart Stake from 10.33% to 18.55%
Chung Yoo-kyung, President of Shinsegae, Raises Stake from 10.34% to 18.56%
Increasing Management Environment Uncertainty... Strengthening Responsible Management

[Asia Economy Reporter Lim Hye-seon] Shinsegae Group announced on the 28th that Lee Myung-hee, Chairwoman of Shinsegae Group, will gift 8.22% of her shares in Emart and Shinsegae respectively to Chung Yong-jin, Vice Chairman of Shinsegae Group, and Chung Yoo-kyung, President of Shinsegae.

Through this gift, Chairwoman Lee Myung-hee's shareholding will decrease from 18.22% to 10.00% in both Emart and Shinsegae. Meanwhile, Vice Chairman Chung Yong-jin's stake in Emart will increase from 10.33% to 18.55%, and President Chung Yoo-kyung's stake in Shinsegae will rise from 10.34% to 18.56%.

Shinsegae Group explained the background, stating, "In a situation where uncertainty in the business environment is increasing due to COVID-19 and other factors, Chairwoman Lee Myung-hee judged that responsible management of each company has become more important for the group's sustainable growth," adding, "We understand that the gift was decided as a proactive response to this."