Kakao Games' announcement of selling all its equity in Neptune to KRAFTON has caused Neptune's stock to decline in the early trading on the 30th.
As of 9:24 a.m. on that day, Neptune is being traded at 7,510 won, down 1,190 won (13.68%) compared to the previous trading day.
After the market closed the previous day, Kakao Games disclosed that it signed a stock purchase agreement to sell 18,387,039 shares of Neptune it owns to KRAFTON. The total value is in the range of 165 billion won, with the disposal date set for June 30.
Kakao Games explained that it decided to proceed with the sale to concentrate its capabilities on core businesses. Kakao Games invested 19 billion won in Neptune in 2018 and became the largest shareholder after an additional investment of 193.5 billion won through a third-party allocation of shares in 2020.
Neptune is a gaming company founded in January 2012 by Jeong Wook, the former CEO of NHN Hangame. It services Kakao games such as 'Friends 4 Connect' and 'Eternal Return.'