Shares of Kakao (KRX:035720) fell 1,500 points, or 3.80%, to close at 37,950 won at market close on Friday after SK Telecom (KRX:017670) disposed of 10.8 million Kakao shares worth 413.3 billion won the same day, SK Telecom said in a Friday regulatory filing with Korea Exchange.
As of 9.13 am, Kakao shares had declined 5.07% to 37,450 won, down 2,000 won from the previous session.
SK Telecom sold over 10.8 million Kakao shares via a block deal to fund growth ahead and bolster its finances. Despite the sale, both firms will maintain their strategic partnership formed in 2019, Chosun Biz reported the same day.
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