Kyochon Founder Keeps Promise... Franchise Owners Receive Stocks Worth 12 Million KRW

100 Billion Stock Gift to All Franchise Owners
200-600 Shares Granted Based on Operating Period

[Asia Economy Reporter Lim Hye-seon] Kyochon F&B announced on the 28th that its founder, former chairman Kwon Won-kang, will gift a total of 10 billion KRW worth of shares to approximately 1,300 Kyochon Chicken franchisees nationwide.

Founder Kwon had promised to donate 10 billion KRW of his personal funds in March to commemorate the 30th anniversary of Kyochon F&B's founding. This promise was realized as a gesture of mutual growth to support franchisees facing difficulties amid unstable economic conditions such as COVID-19. Furthermore, instead of indirect methods like establishing a foundation, he chose to directly gift shares to provide tangible benefits to the franchisees.

Through this gift, approximately 1,300 Kyochon Chicken franchisees across the country will receive shares ranging from a minimum of about 200 shares to a maximum of about 600 shares depending on their operation period. Based on the current stock price, this amounts to approximately 4 million KRW to 12 million KRW. Additionally, franchisees who have signed contracts but are not operating as of June will receive about 130 shares. The gifted shares are scheduled to be distributed collectively in early July.

Founder Kwon Won-kang said, "I decided on this gift with the hope that franchisees will grow sustainably together with the headquarters as true partners," adding, "I hope this will be a small help to franchisees who strive for customer satisfaction despite difficult circumstances."

Kwon is regarded as a pioneering figure in the franchise industry. In his youth, to support his family, he worked as a street vendor, overseas construction laborer, and taxi driver before starting Kyochon Chicken at the age of 40. Opening a small store of about 10 pyeong in Gumi, Gyeongsangbuk-do on March 13, 1991, Kyochon Chicken grew into the nation's number one chicken franchise by practicing sincere management based on mutual growth with franchisees.

During his tenure, emphasizing social responsibility and sharing management, Kwon also established the Kyochon Scholarship Foundation in 2009 through a personal donation. The foundation, created to provide equal educational opportunities and nurture talent, awards scholarships annually to students who will lead the future.

Sojin-se, chairman of Kyochon F&B, stated, "Mutual growth with franchisees has been the greatest driving force and foundation for making Kyochon the number one chicken franchise," adding, "We will continue to honor the founder's will and strive to become a company that further develops the value of mutual growth based on trust with our franchisees."