Government pushes again to sell 4.7 trillion NXC paid shares

The government will again push for the sale of Nexon's holding company, NXC, worth KRW 4.7 trillion, which was canceled twice.

The Ministry of Strategy and Finance announced again on the 22nd through the Korea Asset Management Corporation and KAMCO to select the lead manager for the sale of NXC shares.

The target of sale is 850,000 NXC shares, which were paid in inheritance tax by the bereaved family of the late Nexon founder Kim Jung-joo in February last year.

The government had previously tried to sell NXC shares on two occasions but failed to find a buyer at a high price of over 4 trillion won.

The government calculated the value of the shares in payment at about 4.7 trillion won, which is the sum of the net asset value of NXC shares, which are unlisted stocks, and the 20% management premium.

However, there is a view that the value judged by the government is too high as it is not easy to exercise management rights even if the bereaved family of Chairman Kim Jung-joo owns more than half of the shares.

The government has already set aside 3.7 trillion won for the sale of Nexon's stake in next year's budget as non-national income.