Shinsegae Group Chairman Chung Yong-jin / Courtesy of Shinsegae Group

Chung Yong-jin, chairman of retail giant Shinsegae Group, will acquire an entire 10 percent stake in the group's discount store affiliate, E-Mart, held by his mother and general chairwoman Lee Myung-hee to enhance corporate value, E-Mart said Friday.

Chung plans to purchase 2.78 million E-Mart shares for 214 billion won ($146 million) in after-hours trading from Jan. 10 through March 11, the company said in a regulatory filing.

"This planned stock purchase using his personal assets is aimed at strengthening the chairman's responsible management as the biggest shareholder of E-Mart based on E-Mart's performance amid growing uncertainties at home and abroad," it said.

Chung currently owns an 18.56 percent stake in E-Mart, the country's biggest discount store chain by sales.

The 55-year-old was promoted as chairman in March to help the retail giant ride out the unfavorable business environment and meet rapidly changing customer demands. (Yonhap)