Saudi Arabian Crown Prince Mohammed bin Salman Al Saud is the chairperson of the nation’s Public Investment Fund (PIF). [JOINT PRESS CORPS]

 
Saudi Arabia is mulling investing as much as 800 billion received ($591.8 million) in Kakao Entertainment, in accordance with native media retailers Tuesday.
 
Kakao Entertainment, a content material subsidiary 73.6 % owned by Kakao, runs webtoon and webnovel providers, in addition to music companies.
 
The Public Investment Fund (PIF) of Saudi Arabia might make investments 700 to 800 billion received within the native firm with Singapore’s sovereign wealth fund GIC, in accordance with native stories quoting funding financial institution sources.
 
Kakao Entertainment didn’t verify the stories, saying that “nothing has been decided yet.”
 
Kakao Entertainment is inviting pre-initial public providing (IPO) investments for enterprise growth, particularly for doable mergers and acquisitions. The aim is to draw some 1 trillion received earlier than the IPO subsequent 12 months, although the schedule could also be delayed because of unfavorable market circumstances.
 
Saudi’s PIF is making fairness investments in content material companies reminiscent of recreation corporations to decrease the nation’s dependency on oil.
 
PIF acquired a 9.14-percent stake in native recreation firm Nexon for two.42 trillion received, to change into the second-largest shareholder. It can be the second-largest shareholder of NCSoft with an 11.9 % stake.  
 

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]