The Korean authorities have put up for auction a stake in Nexon valued at over $3 billion
Currently, the Ministry of Economy and Finance of South Korea is the second-largest shareholder of the NXC holding, which manages the Nexon corporation. However, this scenario might soon change. The agency has decided to divest its stake and has initiated the sale of shares.
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The ministry is selling a total of 30.6% of NXC shares, for which it expects to receive 4.7 trillion won ($3.44 billion). Applications will be accepted through the Korea Asset Management Corporation until August 25th.
It is not guaranteed that the sale will be successful. In 2023, the ministry attempted to sell the shares twice, but a buyer was not found. Whether there is currently any interest in the stake in NXC, and consequently in Nexon, is unknown.
Last month, there were rumors that the Chinese giant Tencent might buy Nexon entirely, but they denied them.
The Korean ministry received its stake in NXC from the heirs of the late Nexon founder Kim Jung-ju (Kim Jung-ju) as payment for inheritance tax. Kim's widow and daughters still own 67.6% of the holding's shares.