South Korea's Naver is undecided about future of LY Corp stake

LY Corp is majority owned by A Holdings, a joint venture between Japan's SoftBank and Naver, and operates Line, a messaging app popular in Japan and elsewhere in Asia. "The administrative guidance itself that demanded a reduction in capital control is very unusual, but we are not deciding whether to follow it or not - we define it as a matter to be decided based on mid- to long-term business strategy, and we are conducting an internal review," Choi said.

South Korea's Naver said on Friday it will consider its stance on a potential selldown of a stake in LY Corp from a mid-to-longer term business point of view.

Naver CEO Choi Sooyeon addressed in an earnings call on Friday an administrative guidance by the Japanese Ministry of Internal Affairs and Communications that called for a selldown of Naver's equity holdings in LY Corp over a data leak last year. LY Corp is majority owned by A Holdings, a joint venture between Japan's SoftBank and Naver, and operates Line, a messaging app popular in Japan and elsewhere in Asia.

"The administrative guidance itself that demanded a reduction in capital control is very unusual, but we are not deciding whether to follow it or not - we define it as a matter to be decided based on mid- to long-term business strategy, and we are conducting an internal review," Choi said. Naver has yet to decide on a position, Choi added.

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