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Biz News Korea(Eng)
Naver founder sells stake to lower holdings to 4.3 percent
- Collected
- 2017.08.24
- Distributed
- 2017.08.29
- Source
- Go Direct
According to Naver on Wednesday, Lee sold 110,000 share holdings in the company at 81.8 billion won ($72.3 million) or 743,990 won per share in a block trade, 3 percent discounted from Tuesday’s closing price. He had tried to sell them at a 2.3 percent discount from Monday’s closing price but failed.
As a result, Lee’s stock holding in Naver was reduced from 4.64 percent to 4.31 percent.
Naver is poised to come under the category of major companies. Under the antitrust law, companies with more than 5 trillion won in assets are subject to tighter watch and regulation. A single corporate representative must be reported to the Fair Trade Commission, which would be Lee in Naver’s case as the company is not run by a founding family.
Naver has previously protested about the system, claiming the company unlike the typical chaebol entity is run by multiple chief executives and cannot be represented by a single individual.
Lee is expected to use the money to venture overseas. Lee has resigned from the board to focus on searching for business opportunities in Europe.
Naver recently acquired Xerox Research Center Europe and funded the world’s largest startup campus Station F in Paris.
By Oh Chan-jong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]