MP Group Inc. is seeking to sell a controlling stake through an open bidding process, its announcement showed 17 June, 2020. Up for grabs will be a 48.92% stake in MP Group by founder and ex-Chairman Jung Woo-hyun and owner families, as well as an undisclosed amount of new shares worth at least KRW 20 billion ($16.43 million). Proposals from potential buyers will be accepted until 5 p.m. on June 24. Ahead of the announcement, MP Group selected Samil PricewaterhouseCoopers to manage the sale. The company said in a disclosure that the move is meant to secure liquidity and improve transparency in business management.