[THE INVESTOR] US investment bank Morgan Stanley said on Sept. 28 it has acquired a 5.7 percent stake in JYP Entertainment, one of the nation’s top three entertainment agencies.
Morgan Stanley bought 280,000 shares of JYP on four different occasions from Sept. 20-26. The firm said it has no intention to participate in JYP’s management, adding the stake purchase was for simple investment purposes.
Girl band "Twice"
It is widely speculated that high anticipations for girl band Twice’s new song release is the main reason behind this move.
In light of foreign investors’ bullish run, JYP stocks have climbed 99.5 percent this year, reaching a record high of 10,350 won on Sept. 26.
In the first half of this year, JYP posted sales of 50.4 billion won (US$43.80 million) with operating profit of 10.7 billion, which is a 74.4 percent rise in sales and 138.7% percent increase in operating profit.
By Alex Lee (email@example.com