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[Alpha Biz=(Chicago) Reporter Kim Jisun] The public sale of KRW 4.7 trillion worth of shares in Nexon's holding company NXC failed again.
According to the Korea Asset Management Corporation (KAMCO) online public auction system on the 2nd, the second round of bidding for 851,968 shares of NXC (29.3% stake) was auctioned off. The minimum bid price is 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.
As the first and second public sales failed, it will proceed with a private contract from the third round. The government says it will not lower the minimum bidding price even in the private contract process, but some observers say it will lower the bidding price if the bidding continues.
For now, the most likely acquisition candidates are Saudi Arabia and Chinese capital.
PIF, led by Saudi Crown Prince Mohammed bin Salman, has steadily invested in Nexon, which is listed in Japan, to become the fourth largest shareholder (10.23% stake). PIF bought not only Nexon but also NCsoft's stake (9.30%, the second largest shareholder). Bin Salman sees games as a new growth engine.
Tencent in China also holds a large stake in a domestic game company. Krafton (13.73%), Netmarble (17.52%), and Shiftup (about 24%) are typical examples.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
