Nexon Group holding company NXC has cancelled all treasury shares it recently bought from the government.

NXC held a board meeting on Monday and resolved to cancel 184,001 common shares held in treasury, and disclosed the decision. The number of shares to be cancelled amounts to 6.68 percent of 2,754,093 shares outstanding before the capital reduction.

The cancellation follows NXC’s May 4 purchase of some government-held in-kind tax payment shares for about 1.02 trillion won. The shares were part of the stake that the family of the late NXC founder Kim Jung-ju (김정주) paid to the government in kind to settle inheritance tax. NXC had previously signalled it would cancel all of the shares in June when it acquired the stake.

The shares will be cancelled through a profit-based cancellation in which treasury shares bought using distributable profit are retired, with no change in capital. NXC’s capital will remain 1.45 billion won before and after the cancellation.

The cancellation raised the ownership ratio of the owner family. Director Yoo Jung-hyun’s stake rose to 35.74 percent from 33.35 percent, and the two children’s stakes each increased to 18.39 percent from 17.16 percent. Affiliate Wise Kids’ stake was also adjusted to 1.81 percent from 1.69 percent.