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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL, Aug. 20 — Shares of The Born Korea, led by celebrity entrepreneur Baek Jong-won, closed at an all-time low on Tuesday despite efforts to repair its image through a ₩30 billion ($220 million) co-prosperity fund.
The stock ended at ₩25,100, down 1.57% from the previous session, marking a 52-week low after touching an intraday bottom of ₩24,850. The price is now 26% below its IPO level of ₩34,000 and has plunged 61% from its November peak of ₩64,500.
The decline follows a series of setbacks, beginning with controversy over the pricing of its “Paik Ham” product, along with farmland law violations and mislabeling allegations. Analysts note that despite the company’s goodwill initiative, worsening financials have accelerated selling pressure.
For the second quarter, The Born Korea reported an operating loss of ₩22.5 billion, reversing from a profit of ₩9.9 billion a year earlier — a 326% swing. Revenue also tumbled 34.5% year-on-year to ₩74.1 billion.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
