2023-07-09 03:40:37
[디지털데일리 왕진화 기자] Nexon, which exceeded 3 trillion won in annual sales last year, is evaluated as a game company with a very high market value in the domestic and foreign game markets. There is another expression to modify Nexon. It is a self-made conglomerate. The late Nexon founder Kim Jeong-ju adhered to conservative management principles and did not release his stake in NXC, the holding company of Nexon Group and an unlisted company, to the market. Previously, regarding 98.28% of NXC shares were owned by founder Kim and his bereaved family. Founder Kim owned a 67.49% stake in NXC. Spouse Yoo Jung-hyun, director of NXC, owned 29.43%, and her two daughters each owned 0.68%. If you add up the fact that Wise Kids, an affiliate owned by the bereaved family, held the remaining 1.72% of NXC, founder Kim and his family actually owned 100%. That means you have a %. This was also a way for founder Kim to firmly protect management rights from the outside during his lifetime. As a result, director Yoo inherited 4.57% and his two daughters inherited 30.78% each. The whereregardings of the remaining 1.36% of the shares in this process is unknown. However, in order to fully inherit, you have to pay inheritance tax. The bereaved family had to pay regarding 6 trillion won in inheritance tax to the state in order to inherit the stake. In principle, national taxes are paid in cash (cash). However, it would not have been easy even for the bereaved family to suddenly prepare cash to pay this enormous inheritance tax. Accordingly, the bereaved family chose ‘payment in kind’ to pay inheritance tax in kind, such as government bonds and real estate. The government allows inheritance tax to be paid with real estate or unlisted securities instead of cash, considering that inherited property is largely composed of real estate or securities. Instead, it was paid with 852,190 shares (29.3%). The value of the stake alone amounts to regarding 4.7358 trillion won. Founder Kim’s stubbornness, which had thoroughly defended once morest outside intervention, eventually collapsed in front of the inheritance tax that the bereaved family had to pay. This time, as they paid the inheritance tax in kind, the share owned by Director Yu and his two daughters, including Wise Kids, totaled 69.34%. Director Yoo’s share ratio remained at 34%. Only the share held by the two daughters decreased from 31.46% to 16.81% respectively. Management rights were kept stable, but the second largest shareholder had nothing to do with Nexon. The Ministry of Strategy and Finance immediately became the second largest shareholder of NXC with a 29.3% stake received through payment in kind. However, the Ministry of Strategy and Finance believes that the expression “the second largest shareholder” is inappropriate. The purpose of the Ministry of Strategy and Finance is to go through the sale process as quickly as possible and sell it at its full price, as it received unlisted stocks. Korea Asset Management Corporation (Kamco) has been entrusted with the sale of stocks for tax payment. Accordingly, the Ministry of Strategy and Finance and KAMCO held the 4th National Tax Payment Company Investment Briefing at the Conrad Hotel in Yeouido on the morning of the 6th. It was prepared as a place to explain stocks in kind to institutional investors and introduce cases of sales outcomes. The government provides institutional investors with an opportunity to purchase stocks in kind they are interested in through an investment-type sale system. Here, the investment-type sale system is a system in which institutional investors can purchase a company that they believe has growth potential and investment value at a predetermined price through evaluation by an external accounting firm. Securities companies, asset management companies, and venture capital About 60 institutional investors are said to have attended. NXC received a lot of attention as it was introduced as one of the government’s major blue-chip water supply companies. In fact, broadly speaking, NXC’s second-largest shareholder in the future may have a fresh influence on the Nexon Group. It is an opportunity to create a new growth platform in an unexpected place. However, there is no choice but to worry deeply regarding the place where you are interested in buying shares. First of all, since the value of the stake is the largest ever, not many investors will acquire it at once. In addition, even if they buy 29.3% of NXC’s shares in installments, they cannot hold management rights because the bereaved family owns 69.34% of the shares. Even if it is acquired, it is not easy to trade because it is an unlisted stock. Since securitization is difficult, it is more difficult than expected to be evaluated at the right price. Therefore, the possibility that domestic capital will fully purchase it is relatively low. However, it may be a different story for foreign companies. The more capital is available, the more likely it is to jump into shopping to claim the title of the second largest shareholder of NXC. For example, Tencent, the third largest shareholder of Netmarble and the second largest shareholder of Krafton, joined hands with domestic capital such as Netmarble and MBK Partners when the sale of Nexon was promoted in 2019. Such a harsh inheritance tax has various side effects in terms of paying and receiving it. causes Korea is notorious for its structure, which makes it difficult for companies to maintain management rights, as the burden of inheritance tax is the highest among the 38 OECD member countries. Korea’s inheritance tax rate rises to 60% if a surcharge (20%) is added to the largest shareholder. With the inheritance tax threatening the existence of a company, experts as well as the business community are raising their voices regarding improving relevant laws and systems. In particular, they share a common opinion that the government needs to look at inheritance as a means of strengthening national competitiveness and succession of companies, rather than passing down wealth. ⓒ Digital Daily. Unauthorized reproduction and redistribution prohibited
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