Previously, we have reported that Saudi Crown Prince Muhammad bin Salman, through his wholly-owned egdc foundation, acquired 33.3% of the shares of SNK, becoming SNK’s largest shareholder (detailed report). The deal was originally planned to be completed on January 12, 2021, but SNK announced after the close of last month that egdc decided to sign a stock transfer contract and pay the capital on March 17, which also raised questions about the poor acquisition process.
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According to the latest report of South Korean media, the South Korean financial supervision institute has approved the over-the-counter transaction of SNK, and the acquisition of SNK by egdc, the crown prince of Saudi Arabia with 100% shares, is expected to proceed smoothly.
According to the relevant industry sources, SNK applied to the South Korean Financial Supervision Institute for OTC trading last week and was approved recently.
SNK signed a stock trading contract on November 26 last year to transfer 28.8% of SNK shares held by Heyuan culture to egdc (Heyuan culture originally held 33.16%), while perfect world, the second largest shareholder of SNK, will also sell 4.5% of SNK shares to edgc (perfect world originally held 8.23%).
In addition, if all goes well, egdc also plans to acquire an additional 17.7% of SNK shares (51% if the target is achieved) through public acquisition.
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