The 1 trillion won stake in NXC, which the family of the late founder Kim Jung-ju handed over to the government as an inheritance tax payment, is being bought back.

NXC, the holding company for the Nexon group, announced on the 11th that it is acquiring 184,001 shares, representing 6.68% of the total issued stock. At a unit price of 5,558,000 won per share, the deal totals approximately 1.0227 trillion won. This price exceeds the 5.53 million won valuation originally set when the government first accepted the shares as payment.

NXC stated that the purpose of this share buyback is to enhance shareholder value and provide liquidity. NXC intends to acquire a portion of the shares surrendered for tax purposes as treasury shares and cancel them in June. While the government's stake in NXC will decrease from 30.64% to 23.96% following this transaction, the final percentage will see a slight uptick after NXC completes the planned cancellation of these treasury shares.

For the Ministry of Economy and Finance, this sale is a pragmatic win, securing a massive injection of tax revenue. NXC shares are unlisted and have long been classified as 'illiquid assets' that are difficult to cash out, leading to issues with repeated failed auctions. By stepping in as the buyer, NXC has effectively fast-tracked a trillion-won replenishment of the national coffers.

Meanwhile, the government remains committed to offloading the remaining stake. It is expected to pursue flexible options, such as partial or block sales, to better match the demand of potential buyers.