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| ▲This photo shows SM Entertainment (Yonhap) |
SEOUL March 4 (Yonhap) -- The National Pension Service announced on the March 3 that it has sold about half their shares on SM Entertainment's in the market on February when the issue of SM management rights emerged.
As a result, the shares of SM Entertainment held by the National Pension Service has decreased from 8.96 percent to 4.32 percent. The total share held by the National Pension Service has decreased from over 2.13 million shares to 1.02 millions shares.
According to the detailed disposal details, on February 7 when the Kakao Entertainment addressed their intention of participating in the SM’s paid capital increase The National Pension Service sold over 294 thousand shares. Later on February 9, the company sold over 321 thousand shares.
On February 13 when HYBE started their tender purchase, and the stock price of SM Entertainment was stationed near 120 thousand won, The National Pension Service sold over 249 thousand shares, and on February 21 when the price of SM Entertainment’s single share exceeded 120 thousand won, the company sold over 246 thousand shares.
In total, National Pension Service has made over 117.9 billion won in total by selling shares of SM Entertainment.
Given the idea that a single share of SM Entertainment was in between 50 thousand to 6o thousand won, The National Pension Service is expected to have made astronomical benefit by selling the shares of SM Entertainment.
According to the official of The National Pension Service, “Transactions regarding the shares of SM Entertainment was based on the returns,” adding “Majorities of the shares are managed by consignment management companies therefore the recent transactions are made by the individual management companies decision.”
Even if the National Pension Service sold majority of their shares regarding SM Entertainment, National Pension service will still withhold their right to vote throughout the shareholder’s meeting because the meeting is based on the end of December of 2022.
(This article is translate from Korean to English by Joonha Yoo)
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