SEOUL :Tech conglomerate Kakao Corp said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds, making it the biggest overseas financing in a South Korean content company.
The move signals investors’ bullish outlook for growth potential of Korean content and its “recession-proof” tendencies when weak economic outlook has dried up liquidity in many other sectors, analysts said.
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) decided to each invest 600 billion won in the entertainment firm, local newspaper Korea Economic Daily reported on Thursday, citing unnamed investment banking sources.
Kakao, however, did not name the sovereign wealth funds in its statement. GIC and PIF did not immediately comment.
Kakao Corp shares rose 1 per cent in early morning trade, outperforming a 0.2 per cent rise in the wider market.
“It’s significant that we…
