Wemade Sells Shift Up Shares for 80 Billion KRW... "Investment Recovery"
Wemade announced on the 24th that it has disposed of 2,086,080 shares of the domestic game company Shift Up for approximately 80 billion KRW.
The scheduled disposal date is November 10, and Wemade stated that the purpose of the disposal is "to recover investment funds." The counterparties in the transaction are two companies, including Aceville (ACEVILLE PTE. LTD), a subsidiary of China's Tencent.
Previously, Wemade invested 10 billion KRW in Shift Up in 2018, acquiring a 4.3% stake.
Shift Up, the developer of 'Destiny Child' and 'Goddess of Victory: Nikke,' selected Korea Investment & Securities and NH Investment & Securities as the lead underwriters for its IPO in May and is accelerating its initial public offering.
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A Wemade official stated, "The role of Wemade's investment is to support success, and since Shift Up is preparing for its listing, we decided to sell our shares as our role has been fulfilled."
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