SEOUL, Jan 12 (Reuters) – South Korean tech conglomerate Kakao Corp (035720.KS) mentioned on Thursday unit Kakao Entertainment secured a 1.2 trillion received ($966.27 million) funding from main sovereign wealth funds.

Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) determined to every make investments 600 billion received within the leisure agency, native newspaper Korea Economic Daily reported on Thursday, citing unnamed funding banking sources.

Kakao, nevertheless, didn’t identify the sovereign wealth funds in its assertion. GIC and PIF didn’t instantly remark.

“It’s significant that we were able to secure funds of this scale at a time when both the Korean and global markets face a lot of uncertainty and investment sentiment is weak,” Kakao Chief Investment Officer Bae Jae-hyun mentioned.

Unlisted Kakao Entertainment has a enterprise portfolio starting from Ok-Pop to reveals, motion pictures, and content material corresponding to on-line comics known as webtoons and serial net novels.

($1 = 1,241.8900 received)

Reporting by Joyce Lee; Editing by Chris Reese and Sherry Jacob-Phillips

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