AmorePacific Group Chairman Suh Kyung-bae will donate 300 billion won ($267 million) to create a science foundation under his name designed to promote scientists and inventions in bioscience.
“I want to return some of the rich rewards I gained from the society,” he said.
AmorePacific became one of the most expensive publicly trading companies in Korea after it became a household beauty care name in China.
The foundation would financed by preferred stocks of AmorePacific Corp. and AmorePacific Group owned by the chairman. He initially donated 300 billion won but the fund to go as high as 1 trillion won.
The foundation would select three to five scientists in the life science sector every year and finance up to 2.5 billion won for five years per project
By Jeon Ji-hyun
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