Shares of KeyEast, a subsidiary of SME, were plunging early on the 19th. The drop appeared to be due to news that the sale fell through.
As of 9:07 a.m., KeyEast shares were trading on the KOSDAQ at 3,340 won, down 15.44% (610 won) from the previous session.
This appeared to be due to news that the sale of KeyEast, a subsidiary of SME, fell through that day.
In the morning, KeyEast disclosed that the stock purchase agreement involving a change of the largest shareholder between the company's largest shareholder, SME, and Iro Investment Association No. 1 was terminated. The agreement was terminated because the buyer, Iro Investment Association No. 1, did not pay the balance on the due date, the previous day (on the 18th).
Originally, SME designated Iro Investment Association No. 1 as the buyer of KeyEast and agreed to sell 6,592,510 shares held by SM Studio and SMEJ (SM Entertainment Japan) Holdings at 5,160 won per share. The total contract size was 34 billion won.