South Korean mobile messenger operator Kakao has announced it will raise USD 1 billion by selling shares to overseas investors, Yonhap news agency reports. Kakao plans to use the proceeds for merger and acquisition projects. Kakao said its board of directors approved the plan to raise the cash by issuing global depository receipts (GDRs), which will be listed on the Singapore Exchange. The process is scheduled for completion in February.
Kakao also plans to acquire stakes in game, cartoon and music content providers. Kakao said it will seek to secure companies with potential and profitability.
