Genie Music Changes Majority Shareholder to KT Season

[Asia Economy Reporter Minji Lee] Genie Music announced on the 14th that its largest shareholder KT has signed a capital contribution agreement to establish KT Season by contributing its shares in kind.

Among the in-kind contributions for the establishment of KT Season, Genie Music's shares amount to 20,904,514 common stocks, accounting for 35.97% of the total issued shares. The price per share is 7,572 KRW, and the total transfer price is 158,288,988,000 KRW.

Accordingly, the largest shareholder of Genie Music will change from KT to the newly established KT Season. KT is expected to hold 100% of KT Season's shares, and Genie Music will remain a subsidiary within the corporate group. The scheduled date for the change of the largest shareholder is the 18th of next month.