Netmarble-Coway chairman to buy $270 million stake from Tencent
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S outh Korea's Netmarble announced on Aug. 21 that its founding Chairman Bang Jun-hyuk would acquire an additional 13.4 percent stake in the game developer for 374 billion won ($270 million) from an affiliate of Chinese technology giant Tencent . The Seoul-based company noted that Bang, who also serves as chairman of home appliance rental company Coway, agreed to acquire the stake from Tencent affiliate Han River Investment. Han River Investment currently owns an 18.1 percent stake in Netmarble, according to the company. Netmarble said that the transaction was arranged as Tencent sought to sell part of its holdings in the South Korean game company. Bang decided to acquire the shares directly to reduce market uncertainty that could have arisen if a large volume of shares had been sold on the open market. Upon completion of the transaction, Bang's stake in Netmarble will increase to 38.34 percent from 24.93 percent, further solidifying his position as the company's largest shareholder. Netmarble said that the purchase would also strengthen the foundation for Bang's responsible management and enhance the company's governance structure. The change in shareholdings will not affect the business partnership between Netmarble and Tencent, the South Korean company stated. The two partners plan to continue cooperating in global gaming and other areas based on the partnership they...
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