According to Yonhap News (17 December), Korean company SM Entertainment’s founder, and largest shareholder Lee Soo Man sold away a portion of his shares on 15 December, cashing in for about 7.8 billion won.
Korean Economic Investment Industry expressed on 16 December, that Lee Soo Man, on the 15th of this month, sold off 500,000 shares at the price of 15,671 won per share. This was approximately 7% lower than the closing price of 16,850 won from the previous day. In total, he received 7.83550 billion won.
Subsequently, Lee Soo Man’s share numbers have decreased from the original 4,541,465 shares to 4,041,465 shares. Even though he has fewer shares than before, but his current portion is valued at as much as 67 billion won, and is still the “Shareholder King” of the entertainment industry. It was reported that Lee Soo Man’s shares were bought by a foreign long-term funds company.
With regards to this issue, SME officials expressed that Lee Soo Man had sold off his shares due to personal reasons.
The report also pointed out that this year, thanks to the popularity of SNSD and other SM artists, SME’s share prices have boomed, from the annual low of 4,180 won per share in 2009 to a high of 22,800 won per share during trading on 2 November.
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