[Alpha Biz=(Chicago) Reporter Kim Jisun] A 29.3% stake in NXC, the nation's largest game company owned by the government, is scheduled to be publicly sold on the market at the end of next month.

According to politicians on the 6th, the Ministry of Strategy and Finance and the Korea Asset Management Corporation (KAMCO) are scheduled to complete the equity evaluation of NXC payment stocks commissioned by external accounting agencies by the end of this month. It will then hold a subcommittee of the National Property Policy Review Committee chaired by the second vice minister of the Ministry of Economy and Finance next month to deliberate and vote on the scheduled sale price. KAMCO will conduct an open bidding through Onbid, an online bidding system, at the end of next month. Real estate or securities received in the name of inheritance and gift taxes are entrusted to KAMCO.

At the end of May, the Ministry of Economy and Finance became the second-largest shareholder with 852,190 shares, or 29.3 percent of the NXC shares paid in kind by founder Kim's bereaved family. Payment in kind is a method of paying inheritance tax in real estate and securities other than money if certain requirements are met. NXC is the largest shareholder of Nexon's headquarters in Japan.

For this reason, the Ministry of Economy and Finance has quickly carried out the sale by holding a sale briefing session to institutional investors immediately after receiving NXC shares in kind and launching a stake evaluation of the shares paid in kind. When the Government disposes of goods received in kind pursuant to the State Property Act, it shall go through the process of assessing the value of assets.

As of the end of last month, the bereaved family, including founder Kim's spouse Yoo Jung-hyun and his two children, held 70.3 percent of the shares, according to the Financial Supervisory Service. Yoo Jung-hyun is the largest shareholder with 34.0%. Daughters Kim Jung-min and Jung Yoon each hold 17.5%. Wise Kids, whose two daughters own 50% of the shares, owns 1.7%.

The director and his two children inherited 1.963 million shares (67.49%) of NXC in the name of founder Kim in September last year. Most of the inherited NXC shares went to their two children, and the NXC shares paid in kind are also owned by two children. Since the founder's family has more than a 70% stake, the market expects that even if the Ministry of Economy and Finance sells its entire 29.3% stake to the market, it will not affect the defense of the founder's family's management rights.

However, the government believes that the process of selling NXC shares will not be smooth. It is explained that it will not be easy to find buyers as NXC shares are unlisted stocks and the estimated sale amount is in the mid-4 trillion won range. At the time of payment in May, the National Tax Service estimated the value of its 29.3% stake in NXC at 4.7358 trillion won. The amount takes into account a management premium of 20% of the stock valuation.

 

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