K-Pop girl group 2NE1. Reuters

MANILA - The K-Pop girl group 2NE1 is officially disbanding.

YG Entertainment has announced the disbandment of the group composed of Minzy, CL, Bom, and Dara, as reported by the K-Pop website Soompi.

Below is the translated statement of YG Entertainment, as published in Soompi:

"2NE1's exclusive contract expired in May 2016, and with Minzy leaving 2NE1, we have come to the decision to officially disband after extensive discussion with the remaining members.

"As 2NE1 was YG's official girl group for seven years, we cannot begin to express how we feel, but we determined that it was too difficult to continue. Rather than waiting an unknown amount of time for 2NE1's next promotions, we have decided to focus on the members’ solo activities.

"We sincerely thank all the fans both in Korea and abroad that have loved the group and their music for all this time.

"We would like to officially announce that after last May, we resigned with CL and Sandara Park. However, unfortunately, there is no new contract with Park Bom."

2NE1 is behind the hits "Fire," "I Am the Best" and "I Don't Care," among others.

One of its members, Sandara Park, is part of the jury of the ABS-CBN talent search "Pinoy Boyband Superstar."