Government to sell its $3.6B stake in Nexon's holding company

Pictured is the logo of NXC, the parent company of game developer Nexon. [NXC]

The Finance Ministry said Monday it will sell its stake in NXC, a holding company known for its video game subsidiary Nexon, valued at an estimated 4.7 trillion won ($3.62 billion).

The family of late Nexon founder Kim Jung-ju paid inheritance tax with a 29.3 percent stake in NXC, or 852,000 shares, in May.

With the stake, the Finance Ministry became the second-biggest shareholder in the company, which controls the Tokyo-listed Nexon, a gaming giant with titles including MapleStory, Nexus: The Kingdom of the Winds and KartRider.

Kim, who founded Nexon in 1994, died in the United States in February 2022. He was 54.

Kim's family was expected to inherit over 10 trillion won worth of assets, including some 2 million shares in NXC, and pay about 6 trillion won in inheritance taxes.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]