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Kakao Corp., South Korea’s largest mobile messenger operator, has dropped a plan to sell shares in Kakao Mobility Co., the country’s No.1 taxi-hailing app, after it held talks with MBK Partners on the stake sale.“We had considered changing the shareholder structure of Kakao Mobility, but decided to stop the process,” the company said in a regulatory filing on Thursday.
The July filing was made in response to a report from The Korea Economic Daily in June that Kakao was in talks with MBK Partners to sell some shares in the mobility services provider, valued at around 8.5 trillion won ($6.5 billion).Kakao owns 57.5% of the mobility platform.
To allay their concerns, Kakao Mobility CEO Alex Ryu was understood to ask the parent company Kakao to hold off on the stake sale process.
Article Details
Author / Journalist: [email protected] (Yeonhee Kim)
Category: Economy
Topics: Company Considered Shares Sell Mobility Talks Kakao Sale Partners Plan Stake
Source Website Secure: Yes (HTTPS)
News Sentiment: Neutral
Fact Checked: Legitimate
Article Type: News Report
Published On: 2022-08-18, 14:47:07
News Timezone: GMT +8:00
News Source URL: kedglobal.com
Language: English
Reading Time: 2 minutes read
Article Length: 244 words
Coverage Area: Korea, Republic of
Availability: Desktop Web, Mobile Web
News ID: 147359
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