[Market Focus] HYBE Sells Stake... YG PLUS Drops Over 6%

YG PLUS shares are trading lower following news that HYBE will sell its entire stake in YG PLUS.

As of 9:38 a.m. on September 24, YG PLUS was trading at 8,010 won, down 530 won (6.21%) from the previous trading day.

The previous day, after the market closed, HYBE announced that it would dispose of 4,864,565 shares of YG PLUS (a 7.67% stake) through a block deal. The sale price is 7,857 won per share, with the total planned sale amounting to 38.2 billion won.

However, HYBE will maintain its position as a major shareholder of YG PLUS (a 10.23% stake) and continue its partnership through its subsidiary, Weverse Company.