South Korean retail giant Shinsegae Group chairman Chung Yong-jin is set to acquire a 10% stake in its discount store affiliate E-Mart, currently held by general chairwoman Lee Myung-hee, as disclosed in a regulatory filing on Friday.

Chung plans to purchase 2.78 million E-Mart shares for 214 billion won (around US$145 million) using personal assets, with the transaction scheduled between January 10 and March 11.

This acquisition will increase his current 18.56% stake in E-Mart, further solidifying his position as the largest shareholder of South Korea’s largest discount store chain by sales.

This announcement follows Chung’s promotion to chairman in March 2024.