Fescaro, a vehicle integrated security platform company led by CEO Hong Seok-min, said Wednesday that four senior executives purchased a combined 20,000 shares worth 200 million won (about $132,000) on the open market.
The buyback involved Chief Strategy Officer Gu Seong-seo, Chief Financial Officer Lee Young-tak, electronic control unit business head Jeong Jae-uk and cybersecurity business head Jin Hak-seong.
Fescaro has been expanding from its automotive cybersecurity base into the electronic control unit business. The company acquired MOTLAB, an electronic control unit developer, last year, then acquired auto parts manufacturer JS Automotive this year, broadening its business portfolio.
Through these moves, the company said it has built an integrated supply system for software-defined vehicles (SDVs) spanning automotive cybersecurity, electronic software and production capabilities.
Earnings have also been rising. Fescaro posted consolidated sales of 6.55 billion won in the first quarter of this year, up 105 percent from the same period a year earlier, with operating profit reaching 570 million won.
"This buyback was made on the basis of confidence in the company's business direction and growth strategy," CFO Lee Young-tak said. "We plan to strengthen our competitive edge by focusing on automotive cybersecurity and the electronic control unit business."
Meanwhile, Fescaro provides security solutions for electronic components, vehicle communication security solutions and a regulation-compliance IT solution called CSMS Portal. Building on technology developed in the automotive sector, the company is also expanding into broader mobility markets, including agricultural machinery, construction equipment and robots.
kim3956@heraldcorp.com
