Ildong Pharmaceutical Songpa Foundation Paid 139.42 Million KRW in Scholarships Last Year

[Asia Economy Reporter Myunghwan Lee] Songpa Foundation, a scholarship foundation of Ildong Pharmaceutical Group, held a board meeting and approved the 2022 settlement on the 21st. According to the foundation, the settlement results showed that a total of 139.42 million KRW in scholarships was awarded to 17 students last year.

Exterior view of Ildong Pharmaceutical Group headquarters. [Photo by Ildong Pharmaceutical]

Songpa Foundation was established in 1994 as a purely scholarship-oriented foundation to honor the will of the late Chairman Yoon Yong-gu, the founder of Ildong Pharmaceutical. At the time of the foundation's establishment, in accordance with Chairman Yoon's wishes during his lifetime, 80,000 shares of Ildong Pharmaceutical stock (valued at 1.8 billion KRW at the time) and 300 million KRW in cash were donated free of charge to lay the groundwork for the scholarship project.

Songpa Foundation currently holds assets including approximately 820,000 shares of Ildong Holdings and about 90,000 shares of Ildong Pharmaceutical, which it utilizes to continue its scholarship activities. Over the 29 years since its launch, it has awarded a total of 3.3 billion KRW in scholarships to 581 individuals. This year, it plans to allocate about 140 million KRW in its budget for scholarships.