The Saudi Investment Fund increases its investments in Asian technology companies
Saudi Arabia’s Public Investment Fund has injected more investment into Asian tech companies, taking part in Korea’s pre-IPO funding for Kakao Entertainment, which runs an app group that publishes popular anime shows and novels online, which raised $930 million from investors.
The company, a unit of Korean social media giant Kakao, said it raised 1.2 trillion won by issuing about 2.26 million shares at 255,116 won to the Saudi Public Investment Fund and Singapore-based Pwarp Investment in one of the largest financing rounds ever. In South Korea, according to “Bloomberg”, and “Al Arabiya.net” reviewed it.
Kakao Entertainment will use the capital to expand its content. The company produced a slate of shows for Netflix Inc, capitalizing on the growing interest in Korean content from “K-pop” to movies since the advent of “Squid Game.”
On the other hand, a document seen by Reuters showed that the Public Investment Fund raised its stake in Nintendo of Japan for video games from 5.01% to 6.07%.
The Public Investment Fund recently acquired stakes in Japanese video game companies Nexon, Capcom and Koei Tecmo.
