Naver Decides on 232.1 Billion KRW Capital Increase for Subsidiary

[Asia Economy Reporter Eunmo Koo] Naver (NAVER) announced on the 28th that its subsidiary, the U.S. corporation Webtoon Entertainment Inc., has decided to conduct a third-party allotment paid-in capital increase worth 232.18562 billion KRW to raise funds for acquiring securities of other companies. The third-party allotment recipient is the affiliate LINE Corporation.

The company stated, "By adjusting the equity structure among affiliates engaged in the webtoon business within our subsidiaries, Webtoon Entertainment will oversee the webtoon business, and corporations operating webtoon businesses in Korea, Japan, China, and other countries will be placed under Webtoon Entertainment." They added, "This paid-in capital increase is one of the step-by-step procedures for this purpose."