Big Hit Entertainment has denied reports of its CEO Bang Shi Hyuk selling parts of his shares.

On March 25, a news outlet exclusively reported, citing the investment banking industry, that Bang Shi Hyuk secured around 65 billion won (approximately $57.3 million) in cash by selling 7.82 percent of his shares. Due to this, Bang Shi Hyuk’s ownership of 50.88 percent of shares in the company reportedly fell to 43.06 percent. The outlet also added that existing shareholders agreed that Bang Shi Hyuk’s sale could benefit the company’s development.

Later in the day, the agency responded to the report by stating, “The reports of CEO Bang’s sale of shares are not true.” Additionally, when asked whether there was then a difference in the percentage of the shares sold, Big Hit Entertainment replied, “We cannot confirm the specific details of the matter.”

Even if Bang Shi Hyuk did indeed sell his shares, he would have continued to maintain his position as the largest shareholder of Big Hit Entertainment. Big Hit Entertainment previously received an investment of 201.4 billion won (approximately $177.8 million) from Netmarble Games last year and passed 25.71 percent of its total shares (445,882) to the company. Stick Investment, which invested 104 billion won (approximately $91.7 million) in Big Hit Entertainment, owns 12.24 percent of the company’s shares.

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