BUSINESS

NXC CEO confirms Nexon sale rumor

By Lim Jeong-yeo
  • Published : Jan 4, 2019 - 17:53
  • Updated : Jan 4, 2019 - 21:05
NXC CEO Kim Jung-ju on Friday acknowledged widespread industry speculation that Nexon, South Korea’s biggest game developer and a subsidiary of NXC, is up for sale.

“I am contemplating various ways to back up Nexon in becoming a more globally competitive firm,” Kim said in a statement.

He also said that he would “jump into new challenges, without growing complacent,” indirectly admitting to the disposal plan.


Kim Jung-ju (NXC)


A day earlier, local media was abuzz with reports of Kim’s plans to put on the market 98.64 percent of NXC shares, which he and his wife own and that are believed to be worth 10 trillion won ($8.9 billion). Nonbinding offers are reportedly to be made next month. NXC is the biggest shareholder of Nexon, with a 47.98 percent stake.

Nexon is one of the three largest game companies in Korea, alongside Netmarble Games and NCSoft.

Though Kim refrained from commenting further, speculations mounted that Kim may have been worn out by a prolonged industry slump, as well as now-concluded disputes on past bribery allegations leveled against.

In 2018, the Supreme Court cleared Kim of bribery, ending a yearslong brawl on his company stock donation to a high-profile prosecutorial official in 2005.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)


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