Nexon sells off its NCSoft shares

Nexon has sold off its 15 per cent stake in South Korea publisher NCSoft.

As reported byBusiness Korea, sales of the shares were worth $533.7m in cash. During the sell-off, NCSoft CEO Kim Taek-jin increased his stake in the companyfrom ten per centto 12 per cent by acquiring 440,000 shares.

Just last year, Nexon had raised its stake to more than 15 per cent from 14.68 per cent – just three per cent below the stake held by NCSoft and its CEO.Nexon later declared its intention to take part in the company’s management, as well as asking for a list of NCSoft shareholders and details on executive salaries.

Develop has the full story.