Kakao Games surged in early trading on the 22nd on news that the largest shareholder changed.
As of 9:35 a.m. that day, Kakao Games shares were trading on the Korea Exchange at 10,210 won, up 15.89% (1,400 won) from the previous session.
Kakao Games rose to 11,450 won right after the open and at one point in intraday trading hit the upper price limit (the top of the daily price band).
Earlier, Kakao Games disclosed on the 19th that its largest shareholder changed to LTripleA Investment LLC. It followed a third-party paid-in capital increase and the execution of a stock purchase agreement.
The largest shareholder of LTripleA Investment LLC is Petrico No. 6 Private Equity Limited Partnership, and the largest contributor to that partnership is LY Co., Ltd. LY Co., Ltd. operates services including LINE.
Kakao Games said the purpose of this equity acquisition is "a strategic investment to strengthen global business competitiveness and secure a foundation for mid- to long-term growth."