The billionaire founder of Naver Corp., Lee Hae-jin, has cut his stock holdings in South Korea's dominant Internet portal operator by selling 110,000 shares, a regulatory filing showed Wednesday.
Lee sold his 0.33 percent stake in a block deal worth 81.8 billion won ($72.3 million), or 743,990 won per share, on Tuesday, according to the filing.
Lee's stock holding in Naver was lowered to 4.31 percent from 4.64 percent.
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(Yonhap) |
It remains unclear why Lee sold the stock, but the transaction came as Naver is reportedly facing more regulations from the nation's anti-trust watchdog.
Under South Korean law, a major company with assets worth more than 5 trillion won is placed under stricter regulations in filing public disclosures.
Next month, the Fair Trade Commission is widely expected to classify Naver as a major company that will require it to adhere to the stricter disclosure rules. The company will, in addition, be compelled to make known who plays a leadership role in making key business decisions.
Some industry watchers said Lee may use the proceeds from the stock sale to fund Naver's overseas investment.
Naver said it has no knowledge of Lee's stock transaction, adding that the move is a "personal matter." (Yonhap)
