HDC, HDC Hyundai Development Company Buys 1 Million Shares on Market... "Chung Mong-kyu's Efforts to Enhance Company Trust"

Jung Mong-kyu's Private Company MNQ Investment Partners Purchases 330,000 HDC Shares on the Market

Chung Mong-gyu, chairman of HDC Group, who has faced public criticism for a series of major collapse accidents in Gwangju, is entering the press conference room on the 17th at the HDC Hyundai Development Company Yongsan headquarters in Seoul to issue a public apology regarding the exterior wall collapse accident at Hwajeong I-Park in Seo-gu, Gwangju, and to announce his position on his future. Photo by Kang Jin-hyung aymsdream@

HDC, the holding company of HDC Hyundai Development Company, which has experienced consecutive construction site collapse accidents, announced on the 17th that it purchased 1,003,407 shares of HDC Hyundai Development Company common stock on the open market from January 13 to 17.

The daily purchase details were 573,720 shares on January 13, 299,639 shares on the 14th, and 130,048 shares on January 17.

HDC stated, "If necessary in the future, we may purchase additional shares of HDC Hyundai Development Company," adding, "HDC and Chairman Chung Mong-gyu of the HDC Group will continue to make efforts to enhance the company's trust."

Additionally, MNQ Investment Partners, Chairman Chung's personal company, also purchased 329,008 shares of HDC common stock on the open market during the same period.

The daily purchase details were 204,060 shares on the 13th and 124,948 shares on the 17th.

MNQ Investment Partners also indicated that it may purchase additional HDC shares, emphasizing that this open market purchase is Chairman Chung's effort to boost confidence in the company.

Meanwhile, Chairman Chung resigned from his position as chairman of HDC Hyundai Development Company on the same day, taking responsibility for the consecutive construction site collapse accidents.

At the same time, Chairman Chung expressed his intention to retain the position of CEO chairman of HDC, stating, "I will fulfill the responsibilities of the major shareholder."

He added, "At this stage, restoring trust with customers and stakeholders is the top priority," and said, "I will carefully consider and inform you of any future roles related to Hyundai Development Company."