Nexon Family Sells 666.2 Billion KRW Stake to NXC for Inheritance Tax Payment Purpose

Image source=Yonhap News

The family of Yoo Jeong-hyun, chairperson of the NXC board and wife of the late Nexon founder Kim Jung-ju, sold shares worth approximately 666.2 billion KRW to pay inheritance tax.

According to industry sources on the 19th, NXC disclosed that it acquired 61,746 shares (320.338 billion KRW) from Chairperson Yoo and 31,771 shares (164.828 billion KRW) each from their two children as treasury stock. Additionally, NXC purchased 3,122 shares (16.197 billion KRW) of WiseKids, which is owned 50% each by the two children.

NXC explained, "The series of disclosures related to NXC's treasury stock acquisition aims to stabilize the group's management and facilitate early payment of inheritance tax by the inheriting family."

Meanwhile, the Korea Asset Management Corporation (KAMCO) reportedly decided not to participate in NXC's treasury stock acquisition transaction. Chairperson Yoo's family paid approximately 4.7 trillion KRW in inheritance tax to the government last February through a stock-in-kind payment method using NXC shares, with KAMCO appointed as the entrusted institution for disposing of the stock-in-kind shares.

This content was produced with the assistance of AI translation services.