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Saudi Investment Talks Boost Kakao Group’s Battered Shares

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2 years ago

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(Bloomberg) — Shares of Kakao Group got a much-needed boost following reports that Saudi Arabia’s wealth fund is planning a large-scale investment in the South Korean internet giant’s entertainment unit.

The Public Investment Fund is in talks with Singapore’s GIC Pte Ltd. to jointly fund up to 800 billion won ($591 million) ahead of Kakao Entertainment Corp.’s initial public offering due next year, Maeil Business Newspaper reported Tuesday evening, citing unidentified people in the banking industry.

The talks follow Saudi Crown Prince Mohammed bin Salman’s much-hyped visit to Seoul last week, which produced a raft of investment deals for Korean conglomerates worth $30 billion, according to local media. “We are reviewing various options for pre-IPO but nothing has been decided,” a spokesperson at Kakao Entertainment said.

Kakao Corp.’s shares rose as much as 6.3% on Wednesday before paring by about half, while Kakaopay Corp. erased most of its 12% rally. Kakao’s banking and gaming companies also advanced.

The group, whose ubiquitous business and outsized influence have drawn public scrutiny, has suffered a relentless selloff in shares for most of this year. Wednesday’s advance still barely makes a dent in the downtrend as Kakao Corp. remains about 50% down for the year, while Kakao Games Corp. has lost more than a half of its value.

Read: Data-Center Fire Deepens Kakao Selloff as Public Opinion Sours

Saudi Arabia has been beefing up investment and business ties with Korean companies, becoming a major shareholder of NCSoft Corp. as well as Tokyo-listed Nexon Co. this year.

Kakao Entertainment has been considering a New York IPO for 2022 with a $18 billion valuation, the company’s top executive told Bloomberg last year, though the timeline now looks uncertain.

The Pangyo-based entertainment company, whose online web cartoons or “webtoons” are popular at home and in Japan, has been expanding its businesses overseas through multiple startup acquisitions including Tapas Media and SoftBank-backed Radish.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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6 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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