Chairman and founding father of Coupang Kim Bom / Courtesy of Coupang
Kim Bom, chairman and founding father of Korean e-commerce big Coupang, has bought 15 million shares within the firm to money in some $344.6 million to make use of for monetary functions, firm officers stated Thursday.
Kim transformed his Class B shares in Coupang, which maintain 29 voting rights per share, to Class A standard shares and unloaded 15 million shares on Monday (U.S. time), in line with the officers. Coupang is listed on the New York Inventory Trade.
The sell-off has been made at $22.97 per share.
The proceeds from the sell-off will likely be used for monetary functions, together with tax funds, the corporate defined in its submitting to the U.S. Securities and Trade Fee.
Individually, Kim additionally bought 2 million Class A shares to donate to an unspecified charity.
This marks the primary time Kim has bought Coupang shares for the reason that firm was listed on Wall Avenue in 2021.
Following the sell-off, Kim’s possession of Coupang’s Class B shares decreased from 174.8 million shares to 157.8 million shares, which account for 73.7 % of voting rights.
Coupang stated Kim will nonetheless proceed to carry the standing as the corporate’s greatest shareholder as he has no additional plans to promote further shares, at the very least till subsequent 12 months. (Yonhap)
