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[Alpha Biz=(Chicago) Reporter Kim Jisun] 4.7 trillion won worth of Nexon holding company NXC shares were rejected in the first public sale
According to the game industry on the 27th, the Korea Asset Management Corporation (KAMCO) will hold a second round of bidding for 851,968 shares of NXC (29.3% stake) by the end of the day. The opening will be held on the 29th, and the expected sale price will be 4.7149 trillion won.
The stake to be sold is a stock that the bereaved family paid to the government in May as inheritance tax when Nexon founder Kim Jung-joo, director of NXC, died early last year.
The government entered the first round of bidding for its stake in NXC on the 18th, but as a result of the bidding held on the 22nd, none of the bidders were bidding.
The market is highly likely to participate in bidding by foreign capital such as Tencent, China's No. 1 IT company in market capitalization, and the Saudi Sovereign Wealth Fund (PIF).
It has also increased investment in the Korean game industry, including Crafton's second-largest shareholder (13.5% stake), Netmarble's third-largest shareholder (17.5% stake), and a 24% stake in Shiftup, which is preparing for the initial public offering (IPO).
Saudi Arabia's move to increase investment in the game industry and e-sports as future food is also drawing keen attention.
Saudi Arabia's PIF currently holds a 10.2% stake listed on the Japanese stock market, following NXC (28.6%), its subsidiary NXMH (16.8%), Japanese Master Trust Bank (12%) and JP Morgan (10.3%).
In addition, NCsoft holds a 9.3% stake, making it the second-largest shareholder after founder Kim Taek-jin (11.9%).
When selling assets of public institutions, if they are auctioned off up to two times, the sale price can be sold at a 10% discount per round from the third round of bidding, which is carried out in a private contract method.
However, the Ministry of Economy and Finance is said not to cut the sale price even after the private contract is converted.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
