YG’s artists became the stockholders of YG Entertainment.
YG’s major stockholders Yang Hyun Suk and Yang Min Suk transferred part of their preemptive rights to the company’s singers and actors on April 8.
The biggest stockholder Yang Hyun Suk and the second biggest stockholder Yang Min Suk decided to transfer 81,400 of shares from the preemptive rights to 18 artists at YG entertainment, including Psy and Big Bang.
This is the first time in Korea that the major shareholder and the CEO of an entertainment company shared his preemptive rights with the company’s artists.
With the two shareholders’ decision, the 18 YG artists will now participate in capital increase, actively taking part in effectively managing and developing the company.
Meanwhile, YG held a meeting for board of directors on February 14 and decided on 51.2 billion KRW (~48.6 million USD) for preemptive rights.
Source: Mnet America