[Market Focus] KeyEast Hits 52-Week Low, Plunges Over 10% on Failed Sale News

KOSDAQ-listed KeyEast fell by more than 11% on December 19. Investor sentiment appears to have weakened following news that the sale has fallen through.

As of 11:04 a.m. on this day, KeyEast's stock price stood at 3,490 won, down 11.65% from the previous trading day. The stock opened at 3,780 won and dropped to as low as 3,300 won during the session, marking a new 52-week low.

On this day, KeyEast announced that the share purchase agreement, which would have resulted in a change of the largest shareholder and was signed with SM Entertainment and Iro Investment Association No.1, has been terminated. The company explained that this was due to Iro Investment Association No.1 failing to pay the remaining balance.

On October 16, SM Entertainment had signed a contract to transfer 6,590,251 common shares of KeyEast, owned by its affiliate SMEJ (SM Entertainment Japan) Holdings, to Iro Investment Association No.1.