(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Jisun] Naver CEO Soo-Yeon Choi stated on the 2nd that the company would not sell its stake related to Line to Japan’s SoftBank in the short term.

Regarding long-term plans for selling the stake, Choi mentioned, "As with all companies, it is difficult to provide a definitive answer about mid-to-long-term strategic decisions."

She emphasized that the decision not to proceed with the (stake) sale in the short term was made in the context of security governance and separating consignment relationships, referencing a report Line Yahoo submitted to the Japanese government.

In a report submitted to Japan's Ministry of Internal Affairs and Communications the previous day, Line Yahoo indicated that it would be difficult to review the capital relationship in the short term but would continue discussions with Naver.

Following Choi’s remarks, it is expected that there will be no changes to the stakes in A Holdings, the major shareholder of Line Yahoo, held by Naver and SoftBank for the time being. A Holdings owns about 65% of Line Yahoo’s shares, and Naver and SoftBank each hold half of A Holdings’ shares.

Choi stated, "While I cannot disclose all of the company’s strategic matters, we are considering how best to utilize important strategic assets, including Line Yahoo."

 

 

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