The Kakao stock price is weak in the early trading hours on the 25th. This is interpreted as selling pressure following news that SK Telecom had disposed of its Kakao shares valued at 400 billion won.
As of 9:13 a.m. that day, Kakao is being traded at 37,450 won, down 2,000 won (5.07%) from the previous trading day.
That day, SK Telecom announced that it had disposed of 10,818,510 Kakao shares before the regular market opened. It was conducted through a block deal, totaling 413.3 billion won.
SK Telecom explained that it decided to sell Kakao shares to secure future growth investment resources and to improve its financial structure.
Previously, the two companies exchanged equity worth 300 billion won and signed a strategic partnership in October 2019. They plan to continue their collaboration even after this equity sale.