Choi Sooyeon, the CEO of Naver, a major internet company in South Korea, revealed in a quarterly earnings report that the company is considering reducing its stake or selling all shares in LY Corp, the holding company that owns LINE and Yahoo Japan.
Reports had emerged earlier of negotiations between Japanese and South Korean officials following a data leak incident involving LY Corporation last year. Japan reportedly wanted Naver to decrease its stake or sell shares in LY Corp. South Korean officials engaged in discussions with Naver last week. However, Choi commented that this request was not a trivial matter, and the company would evaluate it in the medium to long term in accordance with its corporate strategy, determining the next steps.
LY Corp was established as a holding company with A Holdings, a joint venture between SoftBank, a major Japanese company, and Naver as the largest shareholder. This came after the merger of LINE and Yahoo Japan.
Source: Channel News Asia
TLDR: Naver’s CEO Choi Sooyeon considers reducing stake or selling shares in LY Corp, the parent company of LINE and Yahoo Japan, following negotiations between Japanese and South Korean officials.
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