NXC, the holding company of the Nexon group, disclosed on the 2nd that it decided to cancel 184,001 shares of its own stock recently acquired.
Earlier, NXC repurchased 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 canceled the entire amount acquired. On the 4th, NXC acquired 184,001 shares, equal to 6.68% of the total shares outstanding, from the Ministry of Economy and Finance. The total transaction size was about 1.02 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 the bereaved family of the late Nexon founder Kim Jung-ju—spouse Director Yoo Jeong-hyun and 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-hyun, 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. Affiliate Wise Kids' equity stake also changed from 1.69% to 1.81%.
An NXC official said, "This transaction is aimed at enhancing shareholder value and involves canceling treasury shares acquired using distributable income," adding, "there is no change in capital."