NXC, the holding company of Nexon Group, disclosed on the 2nd that it has decided to cancel 184,001 treasury shares recently acquired.
Earlier, NXC bought back as treasury shares part of the equity that the bereaved family of the late Nexon Chairman Kim Jung-ju paid in kind to the government in 2023 in lieu of inheritance tax, and this time it canceled all of the acquired volume. On the 4th, NXC acquired 184,001 shares, equivalent to 6.68% of the total outstanding shares, from the Ministry of Economy and Finance. The total transaction size was about 1.0227 trillion won.
The NXC equity held by the Ministry of Economy and Finance consists of shares paid in kind during the inheritance tax payment process by Director Yoo Jeong-hyeon, the spouse of the late Nexon founder Kim Jung-ju, and their two children. Payment in kind is a procedure in which an heir, under certain conditions, pays inheritance tax with marketable securities or real estate instead of cash.
After this transaction, Director Yoo Jeong-hyeon, the wife of the late Chairman Kim Jung-ju, saw her equity stake rise from 33.35% to 35.74%, and the two children's equity stakes were adjusted from 17.16% to 18.39% each. The equity stake of affiliate Wise Kids also changed from 1.69% to 1.81%.
An NXC official said, "This transaction is aimed at enhancing shareholder value and involves the cancellation of treasury shares acquired with distributable income," adding, "There is no change in capital stock."