Web big Kakao Corp. on Thursday denied rumors that it plans to promote its subsidiary, Kakao Leisure Corp.
“We reviewed potential modifications to Kakao Leisure’s shareholder construction however have determined to discontinue the overview,” the corporate mentioned in a regulatory submitting.
“We’ll proceed exploring numerous strategic choices to spice up Kakao Leisure’s international presence and improve its enterprise competitiveness,” it added.
It’s Kakao’s first official response to months of speculations that it had knowledgeable shareholders, together with Saudi Arabia’s sovereign wealth fund, the Public Funding Fund (PIF), of its intention to promote administration management of Kakao Leisure.
Kakao Leisure is a key subsidiary of Kakao, engaged in net content material, music and expertise administration companies. (Yonhap)
