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| ▲This photo, shows logo of HYBE. (Yonhap) |
SEOUL March 31 (yonhap) -- On behalf of the accusation regarding HYBE losing money throughout the process of selling out their share of SM Entertainment, HYBE has addressed “HYBE has yet to have suffered from losses throughout the process of selling out the shares of SM Entertainment.”
CEO of HYBE, Park Ji-won, addressed throughout the shareholder’s meeting held on Friday addressed “A single share of SM Entertainment is currently showcasing 92 thousand one, to 93 thousand one which is an acceptable rate for HYBE.” The price of a single stock of SM Entertainment has settled on 94 thousand won as the market closed.
Previously HYBE tried to sell out their share of SM Entertainment which they had acquired for 120 thousand won per share to Kakao through tender offer set by Kakao.
However, as the Kakao’s tender offer exceeded the expected amount, HYBE only managed to sell out 44 percent of what the group had acquired in the first place under the cost of 150 thousand won in total of little bit over 1.65 million shares. Currently HYBE owns over 2.09 million shares of SM Entertainment which accumulates to about 9 percent of overall shares of the SM Entertainment.
The CFO of HYBE, Lee Kyung-jun addressed “In order to minimize the Loss of Valuation and to maintain the values held by the shareholders we are putting everything we have into.”
CEO Park addressed regarding the question of the cooperativeness between HYBE and Kakao’s platform, “We will be able to disclose more later.”
Throughout the shareholder’s meeting various regulations were put on to the table for discussion.
HYBE’s regulation regarding shareholder’s dividend will take place in 2024. CFO Lee addressed “Profit Surplus needs to be sorted out before any of the other subject matters such as annual payout can take place.”
“In order to increase the artist portfolio we have done a lot of things,” adding “Three more team has debuted and managed to succeed greatly.” CEO Park addressed regarding the subject matter of how HYBE plans to solve the empty years created by global sensation BTS’ leaving for their individual military service.
(This article is translated from Korean to English by Joonha Yoo)
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