ITcen Global Chairman Kang Jin-mo Buys KRW 140 Million Worth of Company Stock, Citing “Commitment to Responsible Management”

ITcen Global said in a regulatory filing on the 20th that Chairman and CEO Kang Jin-mo bought 6,190 of the company’s shares on the open market. The purchase was worth about KRW 140 million. The company said the buyback was prompted by the view that the current stock price does not fully reflect the company’s intrinsic value.

The company said Kang’s direct purchase was intended to express confidence in future growth. It added that the move reflected a commitment to sharing the gains from higher shareholder and corporate value, as well as a commitment to responsible management.

ITcen Global said consolidated revenue for the first half of this year came to KRW 5.5806 trillion, up about 92% from a year earlier. Operating profit for the same period rose 94% year on year to KRW 107.5 billion, while net income increased 153% to KRW 109.8 billion. The company said the Web3 segment, including Korea Gold Exchange, and its IT services segment contributed to the expansion in results.

Based on its current performance, the company is accelerating efforts to secure future growth drivers and is pursuing new businesses centered on Web3. Its key areas are gold-backed real-world assets (RWA) and security token offerings (STO), and it is pushing ahead with expanding its existing business competitiveness into digital finance. Through this, it is pursuing medium- to long-term improvements in corporate value.

The company owns a subsidiary of Korea Gold Exchange and is pursuing the KGLD project, a gold-backed digital asset ecosystem, by leveraging Korea Gold Exchange’s infrastructure for sourcing, storing and distributing physical gold. It has also secured STO business capabilities related to Galaxia FN and strengthened the foundation for expanding its digital finance business by securing the largest shareholder position in Galaxia FN.

The company said Chairman Kang’s share purchase has meaning beyond a simple response to the stock price. It added that the purchase is a statement of management’s confidence in future value through earnings growth and expansion of new businesses. The company said it aims to continue profitability-focused management, create results from new growth businesses and steadily enhance corporate and shareholder value.

Kang Jin-mo, chairman of ITcen Global, said the company is continuing to deliver tangible earnings growth based on its existing business competitiveness and is pursuing new growth opportunities centered on gold-based RWA and Web3 businesses.

Kang said that, in light of these business results and future growth potential, he believes the company’s current market value does not fully reflect its intrinsic corporate value. He added that the decision to buy the company’s shares reflects confidence in the company’s future and a commitment to responsible management, sharing the fruits of growth with shareholders. He also said the company will continue to pursue earnings growth and enhance corporate value by creating results in new businesses, while responding to shareholder trust.

Source: IT DAILY · Yang Seung-gap
Original: https://www.itdaily.kr/news/articleView.html?idxno=242308

References

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