Lee Seo-jin [Photo by Kim Hyun-min]
[Asia Economy Reporter Yoo Hyun-seok] Jo Seung-hoe, the younger brother of Dooall CEO Jo In-hoe, and actor and outside director Lee Seo-jin have sold most of their shares. It is interpreted that they sold their shares as Dooall's stock price rose following the pre-launch success of Hyundai Motor's electric vehicle, the 'Ioniq 5.'
According to the Financial Supervisory Service's electronic disclosure system (DART) on the 10th, Jo Seung-hoe, the younger brother of Dooall CEO Jo In-hoe, sold a total of 1.34 million shares over the 2nd and 3rd of this month. On the 2nd, he sold 500,000 shares at 4,832 KRW per share, and on the 3rd, he sold 840,000 shares at 5,720 KRW per share. As a result, Jo In-hoe's stake decreased from 4.63% to 0.58%. Jo Seung-hoe secured cash amounting to 7.2 billion KRW from this share sale.
The reason for Jo Seung-hoe's share sale is interpreted as the recent sharp rise in Dooall's stock price. Dooall traded in the mid-to-high 3,000 KRW range from January to February. However, after hitting the upper limit price on the 2nd, it rose to as high as 5,890 KRW on the very next day, the 3rd. Based on the previous day's closing price (4,885 KRW), it increased by 25.90% compared to the end of last month and rose 51.80% from its peak.
The cause of the stock price increase is attributed to the company's attention for supplying seat covers and eco-friendly fabrics to Hyundai Motor's electric vehicle 'Ioniq 5.' The Ioniq 5 is Hyundai Motor's future eco-friendly strategic model, a compact vehicle based on the electric vehicle platform E-GMP (Electric-Global Modular Platform). Notably, during the pre-order period that began on the 25th of last month, it recorded 23,760 contracts in just one day. This exceeded the previous record of 17,294 first-day pre-orders held by the 6th generation Grandeur facelift model released in November 2019 by 6,466 units.
Dooall, established in 1971, produces automotive seat covers, fabrics, airbags, and more. It possesses its own research and development (R&D) and design capabilities that realize various materials, design patterns, colors, and textures according to the characteristics of vehicle models. As a partner of Hyundai Motor, the largest domestic automaker, it has supplied interior materials for popular models such as the GV80, Grandeur, Carnival, and Santa Fe.
Meanwhile, along with Jo Seung-hoe, actor Lee Seo-jin also sold shares. On the 2nd, he sold all 30,000 shares he held. The unit price per share was 4,917 KRW, totaling 147.51 million KRW. Lee was appointed as an outside director of Dooall through the shareholders' meeting in 2018.
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