SEOUL (Reuters) – South Korea’s Kakao Corp said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds.
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) decided to each invest 600 billion won respectively in the entertainment firm, local newspaper Korea Economic Daily reported on Thursday, citing unnamed investment banking sources.
Kakao did not name the sovereign wealth funds in a statement.
($1 = 1,241.8900 won)
(Reporting by Joyce Lee; Editing by Chris Reese)
