S-Oil said Monday that its CEO Hussain Al-Qahtani has bought company stocks worth 68 million won ($55,970) as a sign of confidence amid the COVID-19 outbreak.

He has reportedly purchased 1,000 shares to mark his first anniversary after taking the post last June and to show his confidence in the company.

As of Friday, the price for S-Oil’s stock stood at 68,000 won.

“Despite mounting uncertainties over management environment amid the COVID-19 outbreak, the CEO decided to purchase 1,000 company stocks with his own money to show his determination for a responsible management and to express his confidence in the company’s outlook” an official said.

“The CEO purchased the stocks with a resolve to make S-Oil the most competitive and respectable energy and chemicals company in the Asia-Pacific region and to accomplish vision 2025 with thorough risk management and new growth engine.”

By Kim Byung-wook (kbw@heraldcorp.com)