The stock price of LG CNS is declining in early trading on the 6th after reports that Macquarie Asset Management (Macquarie PE), the second-largest shareholder of LG CNS, sold part of its holdings through an after-hours block transaction.
LG CNS shares traded at 67,300 won on the KOSPI market at 10:20 a.m. that day, down 4.27% (3,000 won) from the previous day.
According to the investment banking (IB) sector, Crystal Korea disposed of 5.6% of its 21.5% equity in LG CNS the previous day through a block deal. It is reported that the shares were sold at 64,394 won each, applying an 8.4% discount to the previous closing price of 70,300 won. Crystal Korea is a special purpose company (SPC) established for Macquarie PE to invest in LG CNS.
LG CNS was listed on the KOSPI market on February 5 this year, and after six months when the mandatory holding period ended, Macquarie PE immediately began to recover its investment.
Previously, Macquarie PE secured approximately 600 billion won through secondary sales during the LG CNS initial public offering (IPO) process, and it reportedly earned about 340 billion won additionally through this block deal. Given that the total investment was around 1 trillion won and considering dividends during the investment period, it has been assessed that the principal has already been recovered.