Polaris Office Chairman Jo Sung-woo Buys Shares on Market... "Intent to Strengthen Polaris Group Control and Boost Stock Price"

[Asia Economy Reporter Jang Hyowon] Polaris Office, a company specializing in office software (SW), announced on the 30th that Chairman Jo Seong-woo purchased approximately 250,000 shares on the market. As a result, Chairman Jo's shareholding increased from the previous 12.3% to 12.83%.

Jo Seong-woo, Chairman of Polaris Group, stated, "Due to recent domestic and international conditions, the stock price has fallen and is judged to be undervalued compared to the company's intrinsic value," adding, "I decided to purchase shares on the market to express confidence in the company's growth and a commitment to responsible management."

He continued, "We will strengthen the group's control centered on Polaris Office," and said, "We will strive for performance growth and responsible management."

In July, Chairman Jo Seong-woo exercised the conversion rights on the 3rd series convertible bonds (CB) worth 4.9 billion KRW that he held, becoming the largest shareholder with a 12.3% stake. Immediately after, Chairman Jo established a vertically integrated governance structure of Polaris Group, linking Polaris Office → Polaris Sewon → Polaris Uno, and strengthened practical control over each affiliate.

Along with Chairman Jo's strengthening of group control, the performance of Polaris Office and its affiliates is also growing. In the first half of this year, the consolidated operating profit recorded 1.2 billion KRW, a 15% increase compared to the same period last year, maintaining continuous quarterly profits since the establishment of the Polaris group system. Polaris Sewon achieved record-high performance in the first half of this year, driven by the high growth of the electric vehicle market. Polaris Uno, with a high export ratio, is expected to show strong performance despite the super dollar trend.

Meanwhile, Polaris Group officially announced the group management under Chairman Jo Seong-woo's leadership in March last year and launched Polaris Group. A strategic collaboration system among affiliates was established, and the group expanded its business by acquiring Polaris Uno in May last year. Composed of Polaris Office, Polaris Sewon, and Polaris Uno, Polaris Group secures growth potential in office software, electric vehicle air conditioning parts, and wig yarn businesses, respectively, creating synergy.