YG Entertainment has recently entered the KOSDAQ market, and the largest stock holder and the head of the company, Yang Hyun Suk, stated, “I have no intention of earning money by selling stocks and will focus on producing singers as I have before.”
The Korea Stock Exchange announced that YG has passed the screening for entering the KOSDAQ market on June 9th. YG has failed to pass the screening last year, and was finally able to enter KOSDAQ.
Yang Hyun Suk holds a 47.7% stake in YG, and stated, “We have received many offers about back-door listing before, but YG had the plans of being just a listed firm from the start.”
He added, “I’m actually a person who makes content and not someone involved with business management. Thus it doesn’t have a big meaning for me if YG is listed or not. However, people in the business sector have told me that if YG is listed, it will help it become a more stable and global company. I agreed and therefore applied to get YG listed.”
He firmly said, “Others say that when a company is listed, people earn a lot of money and talk about how much the shares are worth, but these have no meaning for me. I’m not a person who is interested in earning money by selling YG’s stocks. I don’t know exactly how much the company is worth, but I want to raise our worth as we’re now listed, to help the shareholders.”
YG’s expected initial offering price was 24,600~28,800 won, and the total offering sum from 307 to 359 hundred million won. Yang Hyun Suk’s shares are expected to be worth around 400 hundred million won, which converts to around $37 million USD.
The big three entertainment agencies have all entered KOSDAQ, and YG is expected to compete against SM Entertainment and JYP Entertainment in the financial market.
Source: Star News via Nate
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