Pearl Abyss is seeking to secure a large amount of funding by selling its entire stake in CCP, a game developer that is an overseas second-tier subsidiary, to the current management to improve its financial structure and boost management efficiency.

Pearl Abyss said on Wednesday that its subsidiary Pearl Abyss Iceland will sell all 10,973,763 shares issued by CCP that it owns to the current management.

The disposal value is 177.1 billion won, equivalent to 15.4 percent of the parent company's consolidated total assets. The amount was calculated by applying the exchange rate as of the board decision date. It is the combined total of a confirmed cash receipt of $100 million and token acquisition rights worth $20 million.

On the purpose of the sale, Pearl Abyss said, "Both companies have worked to strengthen global business competitiveness under independent management, and after considering mid- to long-term growth strategies, we judged that selling to the current management would help both companies."

It added, "Even after the sale, both companies are leaving open the possibility of collaboration," and said, "This transaction is limited to a change in ownership and governance structure, and there will be no change to CCP's organisation, products, development plans and direction."

The expected disposal date following the transaction closing is May 6, and it may change depending on the future schedule for recovering the proceeds.