In a move to streamline its investment portfolio, Hybe sold a portion of its stake in SM Entertainment. The sale took place on the 28th through a block deal, which involves selling a large number of shares outside of regular trading hours.
Hybe offloaded 755,522 shares of SM stock at a price of 90,531 won per share before the market opened. This translates to a total of 68.3 billion won (approximately $50.2 million). Following the sale, Hybe still holds 2,212,237 shares in SM.
Hybe stated that the decision to sell was motivated by a desire to “improve investment asset management efficiency.” The block deal, however, resulted in a decline in stock prices for both companies. Hybe’s share price closed at 200,000 won, reflecting a 1.72% dip from the previous day. SM Entertainment’s stock price also fell, closing at 97,000 won, a decrease of 5.32%.
