Chorokbaem Media announced on the 12th that a stock transfer agreement was signed to transfer 9,616,975 shares of Chorokbaem Media held by Citi Property (formerly Chorokbaem Company) to Q Capital Partners' '2021 QCPE No. 15 Private Equity Partnership' for 180 billion KRW.
Once the full payment is made and the shares are transferred, Q Capital Partners will become the largest shareholder holding 39.33% of Chorokbaem Media's shares. The expected closing date of the transaction is November 29.
Chorokbaem Media's trading was suspended on the KOSDAQ market last June following the issuance of an arrest warrant for former Chorokbaem Group Chairman Won Young-sik. Subsequently, the Korea Exchange decided to delist the company, but Chorokbaem Media has filed an objection.
Former Chairman Won is currently undergoing a first trial after being indicted on charges of stock price manipulation related to investments in a Bithumb affiliate owned by businessman Kang Jong-hyun.
In July last year, Chorokbaem Group announced that it would manage the group independently from former Chairman Won's influence and focus on content production rather than asset investment. Since then, Citi Property has declared its intention to sell all shares of Chorokbaem Media it holds.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
