YG’s YANG transfers preemptive stock rights to YG artists, a first in the industry
[일간스포츠 김진석] Artists who belong to YG Entertainment like PSY (real name PARK JAE SANG) and BIGBANG are to become stockholders of their agency.
On April 8, YG Entertainment’s Chief Executive Producer YANG HYUN SUK and CEO YANG MIN SUK transferred their preemptive stock rights to some of the musicians and actors who belong to the agency.
And so the largest and the second largest shareholders of YG—YANG HYUN SUK and YANG MIN SUK—transferred their preemptive stock rights of 81,400 shares to 18 of their agency artists and actors including PSY, BIGBANG and others. This is the first time in the domestic entertainment industry that the biggest shareholder and the CEO have offered their preemptive rights to shares to their musicians and actors.
The decision made by the two will help the 18 artists and actors take more direct approach in enhancing business efficiency and advancement of the agency as they are given the opportunity to increase capital.
YG held a board meeting on Feb 14 and made the decision to increase paid-in capital worth KRW 51.2 billion. It will be conducted by public offering of forfeited stocks after allocation to stockholders. On May 7, which comes later than the capital-increase payment date that falls on May 2, YG will carry out capital increase by allocating 0.30 stocks per every stock without consideration to existing shareholders while also including investors who are involved in capital increase.
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