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Finance ministry to sell 4.7 tln won in NXC stocks

By Yonhap

Published : Dec. 4, 2023 - 10:58

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Nexon headquarters in Gyeonggi Province (Nexon) Nexon headquarters in Gyeonggi Province (Nexon)

The finance ministry said Monday that it will put a stake in game developer's holding company NXC Corp. up for sale, valued at an estimated 4.7 trillion won ($3.62 billion).

In May, the family of Nexon's late founder Kim Jung-ju paid inheritance tax with a 29.3-percent stake in NXC, or 852,000 shares.

With the stake, the finance ministry became the second-biggest shareholder in the company, which controls the Tokyo-listed Nexon Co., a gaming giant with hit titles like Nexus: The Kingdom of the Winds, MapleStory and KartRider.

Kim, who founded Nexon in 1994, died in the United States in February last year at the age of 54.

The bereaved family members were expected to inherit over 10 trillion won worth of assets, including some 2 million shares in NXC, and pay about 6 trillion won in inheritance taxes. (Yonhap)