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[Alpha Biz=(Chicago) Reporter Paul Lee] A 29% stake in Nexon's holding company NXC, which was paid in inheritance tax by the bereaved family of the late Nexon founder Kim Jung-joo, has been put up for public sale. The estimated sale price is 4.7149 trillion won, the largest ever if it succeeds in public sale.
The Korea Asset Management Corporation said it will publicly sell 851,968 NXC shares (29.29% stake) paid by the bereaved family of the late founder Kim instead of inheritance tax from the 18th to the 29th. The winning bidder will be announced on the 22nd. If it fails in bidding, it will move on to the next round and proceed with the bidding from 25th to 26th.
Earlier, the bereaved family of the deceased paid 4.7 trillion won out of the inheritance tax of 6 trillion won in inherited NXC stocks, not cash.
The estimated sale price is 4.7149 trillion won, which is set at 5,534,125 won per share. Based on this, the total value of the NXC stake was valued at 16 trillion won.
However, there is a controversy that the stake is set too high. First of all, even if the company acquires a 29.29% stake in the sale, it cannot affect management rights. The stake is a minority of Kim's two daughters, who still hold 16 percent of NXC shares each. In particular, the stake of his spouse, director Yoo Jung-hyun, remains at 34%. The combined stake of the bereaved families is still solid at 69.34%.
Another factor that lowers investment attractiveness is that NXC, a holding company, is an unlisted company. NXC is a holding company created by Nexon Group in 2005 when it reorganized its governance structure, with actual profits being driven by Nexon, which is listed on the Japanese stock market. The holding company usually uses dividend income from its subsidiaries as a source of revenue, but Nexon's dividend yield is low, with only 0.34% as of last year.
For this reason, the shares repeatedly failed in bidding The sale price is likely to go down. Assets sold by public institutions can be sold at a discount of up to 50% by 10% each time from the third round of bidding. The value of the stake, which came to 4.7149 trillion won, could be lowered to 2.3575 trillion won after 4.2434 trillion won from the third sale.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
