SEOUL (Reuters) – South Korean tech conglomerate Kakao (035720.KS) secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth fund Kakao Entertainment on Thursday announced.
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) have each decided to invest 600 billion won in entertainment companies, local newspaper Korea Economic Daily reported, citing unnamed investment bank sources.
However, Kakao did not name the Sovereign Wealth Fund in its statement. GIC and he PIF did not immediately comment.
“It is important that we were able to secure this amount of funding at a time when both the Korean and global markets face a lot of uncertainty and investment sentiment is weak,” said Bae Jae-hyun, chief investment officer of Kakao. Told.
Unlisted Kakao Entertainment has a wide business portfolio ranging from K-Pop to shows, movies, content such as online comics called webtoons and serialized web novels.
($1 = 1,241.8900 KRW)
Reported by Joyce Lee. Edited by Chris Reese and Sherry Jacob-Phillips
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