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CJ ENM headquarters (photo= provided by CJ) |
[Alpha Biz= Reporter Kim Minyoung] CJ ENM has decided to partially divest its stake in Netmarble, one of its non-core assets, as part of efforts to strengthen its financial health.
According to the electronic disclosure by the Financial Supervisory Service on the 10th, CJ ENM will sell 4,297,674 shares of Netmarble, amounting to 4.99% of the total shares, valued at 2.501 trillion won. After the sale, CJ ENM will retain a 16.78% stake in Netmarble, with the disposal scheduled for the 12th of this month.
CJ ENM has been eyeing opportunities to liquidate its Netmarble stake since last year. With increasing losses, the company saw the need to secure its financial stability through the disposal of non-core assets.
The proceeds from the sale of Netmarble shares will be utilized by CJ ENM for purposes such as repaying borrowings, thereby enhancing its financial health. According to Korea Ratings, CJ ENM had net borrowings of 22.943 trillion won as of the end of the first quarter, and a portion of this will be repaid as planned.
Alphabiz Kim Minyoung (kimmy@alphabiz.co.kr)
