[Alpha Biz=(Chicago) Reporter Paul Lee] Chorokbaem Media announced on the 6th that it is planning to change its largest shareholder.

Citi Property, the current largest shareholder of Chorokbaem Media, publicly sells all of its Green Snake Media shares (39.33%) and management rights through limited competitive bidding. The sales manager is Samil Accounting Corporation.

Prior to the objection, Chorokbaem Media plans to improve its governance structure by pushing for the sale and resolve the reasons for the decision to review the delisting, leading to the resumption of transactions. In July, the Korea Exchange voted to delist all executives of Green Snake Media, citing allegations of breach of trust.

In connection with the sale, the two companies adopted an open sale method to ensure fairness and transparency in the process of attracting and selling buyers. Chorokbaem Media and Citi Property will establish a specific sale schedule through consultation with Samil Accounting Corporation. The company explained that if the target and conditions of the sale are decided in the future, the board of directors will be convened to proceed with the related procedures.

 

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