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STIC speeds up divestment from BTS agency Posted : 2020-12-22 16:51 By Park Jae-hyuk STIC Investments is accelerating efforts to exit its investment in Big Hit Entertainment, the label of K-pop phenomenon BTS, in an attempt to maximize profit. The domestic private equity firm (PEF) sold 400,000 shares for 66 billion won ($59 million) in a block deal. This came two months after the third-largest shareholder of Big Hit unloaded 196,177 shares for 61 billion won, Oct. 15, the first day of the entertainment firm s listing on the benchmark KOSPI bourse. Market analysts expect STIC will sell additional shares when the lock-up period is over on Jan. 15. The PEF agreed earlier it would not sell 70 percent of its stake in Big Hit for three months after its listing, to reduce the market overhang impact. Market overhang refers to a buildup of selling pressure for a stock among traders, who have mostly held back due to fear of a decline in the stock s value. ....