Kang Byung-joong, chairman of Nexen Group, will donate 10 billion won of his personal wealth to Pusan National University.
Nexen Tire (002350.KS) said on the 9th that Chairman Kang will donate 1,445,087 shares of Nexen (005720.KS) Tire stock, worth approximately 10 billion won at market value, to the Pusan National University Development Foundation.
"I am pleased to be able to help Pusan National University at a time when universities are pursuing mutual development together with local communities and businesses, and playing an important role in balanced national development," Kang said. "I hope more hope is created that young people can fully dream and take on challenges in the regions as well."
Kang began his educational and scholarship activities in the mid-1970s when he became chairman of the board of Ibanseong Middle School in his hometown of Jinju. Since then, he has carried out donations and cultural and arts sponsorship programs to nurture talent and help underprivileged groups.
He contributed 15 billion won of his personal wealth as a development fund to his alma mater, Dong-A University, and also put forward 3 billion won of his own money during the bid to host the 2030 Busan World Expo.
To date, he has provided 50 billion won in scholarships personally and through three cultural scholarship foundations — the KNN Cultural Foundation, the Nexen Wolseok Cultural Foundation, and the Wolseok Seondo Scholarship Society — benefiting some 10,000 students.
His wife, the late Kim Yang-ja, who passed away three years ago, also donated 10 billion won in stocks and bonds to a public-interest foundation.
