[Alpha Biz= Paul Lee] Shares of NHN Bugs plunged in early trading on March 30 following news that the planned sale of its largest shareholder stake had fallen through, dampening investor sentiment.
As of 11:17 a.m., NHN Bugs was trading at KRW 3,805, down 13.62% (KRW 600) from the previous session. The stock had declined as much as KRW 3,700 during intraday trading.
The sharp drop comes after the termination of a share sale agreement involving its largest shareholder, NHN. NHN Bugs disclosed on March 27 that the contract was canceled after the buyer—NDT Engineering and three other parties—failed to fulfill its obligation to pay the remaining balance.
Previously, on January 15, NHN had agreed to sell its 45.26% stake (6,711,020 shares) in NHN Bugs for KRW 34.7 billion to NDT Engineering and related parties.
Although the original payment deadline was set for March 9, the buyer failed to complete the transaction, prompting NHN to extend the deadline to March 26. However, the payment was ultimately not made, leading to the deal’s final collapse.
Market participants believe that fading expectations for a change in control have weakened investor confidence, contributing to the stock’s sharp decline.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
