Singapore Exchange (SGX) announced that it has welcomed the listing of Kakao Corp. Global Depository Receipt (GDR) by introduction on its Mainboard. The shares underlying Kakao Corp. GDR are listed on the Korea Stock Exchange.
Kakao Corp., with an estimated market capitalisation of US$8.8 billion, is a leading mobile lifestyle platform company in South Korea. The company provides an array of services including a communication and mobile messaging platform; a content platform offering music, news and webtoons; gaming and lifestyle platforms; as well as a fintech platform that allows users to make payments or transfer cash.
Park Sung-hun, Chief Strategy Officer at Kakao Corp., said:
It is our great pleasure to announce that Kakao’s GDRs have been granted a listing at the SGX. Through this listing we expect greater success in the field of content and technology business in the near future.
Chew Sutat, Head of Equities and Fixed Income at SGX, added:
We are pleased to welcome the listing of Kakao Corp. GDR on SGX. This listing marks a key milestone in Kakao Corp.’s global expansion plans, and contributes to Singapore’s vibrant technology and wealth management centres. Kakao Corp. GDR will be the sixth GDR listing from Korea-listed companies which have raised a total of US$2.9 billion. We look forward to becoming a strong capital raising and business partner for Korean companies expanding their businesses globally.